The Pound Takes on the Hong Kong Dollar – But Does it Win?
Posted by Allison on 13 August 2012, 14:27
The Hong Kong dollar is one of the more powerful and better known currencies of the world. But would the British pound have what it took to get the better of that currency during July this year? The opening rate was 12.104, so where would the pound be after just one week of exchanges?
The answer turned out to be slightly worse off. The figure for the end of the week was a disappointing 12.048, leaving the pound with more ground to make up. The figures were a little up and down over the next few days, but the 12th July saw the pound drop below 12.0 for the first time, hitting 11.978 in the process. The currency did manage to recoup a little ground before the weekend though, finishing on 12.002 as it went into the weekend.
There was better news coming into the new week as well, as the pound finished off Monday night on 12.041. This improved still further to 12.116 the next day, so perhaps things were looking up for the pound to a certain extent. We were looking towards the end of the week to see what the closing rate would be there, and we were rewarded with a healthier figure of 12.158. This was better than the opening rate for the month as a whole had been, so perhaps there was plenty to look forward to.
However it looked as though we were back in tough times as soon as Monday was over, because by that time the pound was back down to 12.041. Once again though, a week can be a long time in the currency markets and this was proven by a ‘sterling’ performance by the pound. It closed out the week on 12.203, far better than the month opening rate had been.
Perhaps predictably though, the first two days of the week were not promising. The pound lost enough ground to ensure it closed out the month as a whole on 12.149. The good news was this was still better than it had started on, so it wasn’t too bad a month after all.