Two European Currencies Going Head to Head
Posted by Allison on 11 November 2011, 15:23
Not every European country is part of the Euro – a fact that some will probably be quite thankful for at this moment in time. But there are still exchange rates to be sorted out between other currencies, not least the British pound and the Swiss franc. How did these two perform against each other during October?
The pound finished off September on 1.4042 against the Swiss franc. But it soon perked up as the first few days of October got underway. By the time the first week had finished the exchange rate had gone up to 1.4298, so things were definitely looking up. But this was a decent rise in just one week so it looked unlikely that we would continue to head in the same direction.
Indeed this would seem to be why the British pound lost some ground in the next week, as the Swiss franc regained some of its lost strength. By the time the next week was over the pound was a little lower on 1.4160. The following week saw smaller changes and smaller ups and downs between the two currencies. It was hoped that the pound would come out on top in the end, and it did, but only by a small amount, rising to 1.4182.
It soon looked as though the pound had peaked way too early that month though. In fact we had seen the best of the exchange rates so far, and instead of soaring even higher we dropped back down to 1.3886 by the time the last whole week of October was done. We had just one more day of trading left to do, with 1.3962 the final rate on the converter for the month.
So it was disappointing to see that the British pound ended up slightly down on the Swiss franc for the month as a whole. We had a good run for the first week or two but we certainly finished with less than we had started out with. Perhaps in November we can hope to get back to a better position.