The Pound Stands Up to the US Dollar
Posted by Allison on 14 May 2012, 16:13
We always begin with the month ending rate from the previous month and in this case that means 1.6016. That was how many US dollars and cents the British pound was worth when March came to a close. But where would things go next and how much could the pound be worth from that point on?
It’s always nice to get a good start but that didn’t happen this time around. In fact the news wasn’t good for the pound as the end of the first week of trading saw the currency lose ground and slip back to 1.5855. So after dropping a cent and a half, where would the pound head to next?
The answer was ‘back in the right direction’ as the second week closed out on a much healthier note. This time we managed to successfully push back and claim a closing rate of 1.5940. This added back on nearly a whole cent after last week, so we had some success to celebrate at least.
So what would the following week bring? Well, we were hoping for better luck and we had already seen some upward movement so if we could capitalise on that closing rate we might be able to snag something better this time. As it turned out the luck was definitely with the pound this week as it closed on an impressive 1.6112. This added on nearly one and three quarter cents over the week, which is one of the best results thus far.
No time for too much celebrating though as the fresh week was soon upon us. We slipped to 1.6080 at close of trading on Monday but we soon perked up again the next day. In fact there seemed to be little danger of the pound doing a nosedive towards the end of the month, especially since it hit a month long high of 1.6225 by the 27th. With the weekend sandwiched in between that and the last day of trading, there was little time for a catastrophe. As it was we finished on an impressive 1.6254 for the month.