Will The Kuna Beat The Pound?
Posted by Allison on 10 December 2010, 13:12
The Croatian kuna may not be one you have heard of before. But as with every other currency on the planet it does a daily dance with other currencies to see whether it can achieve a higher exchange rate as a result. This month we are going to pit it against the British pound to see which of these two European currencies will get the upper hand.
At the end of October the British pound had garnered a rate of 8.4584 against the Croatian kuna. It didn’t take long for the rate to drop though, as the pound fell to 8.3941 just two days later. But twenty four hours later there was a rate of 8.4375 on the cards, so this was clearly going to have its ups and downs throughout the month. That very topsy turvy first week finished up with the pound claiming a rate of 8.4756.
The next week was even more interesting though, and it showed that the British pound was firmly in the driving seat. The first day ended with a rate of 8.5191 and two days after that it jumped up to 8.5960. But if that rate came as a surprise, the British pound did even better against the Croatian kuna the next day. This was when it managed to close out on 8.6829. It may have dropped just slightly to finish the week on 8.6757 the following day, but to be honest it had still been an impressive week.
So where would this lead from here? The pound was obviously gaining the upper hand against the kuna as we can see from the figures. But we had a feeling that the story was not yet over and we could end up seeing a lot more happening just yet. After all as yet we were only just halfway through the month.
The next week saw another jump to 8.7227 by Monday evening, but the balance was partially redressed by a drop to 8.6887 the next day. It seemed strange to think about what would happen during the rest of the month, because the first half had been so illuminating and entertaining in a sense. But as it turned out the figures were going to continue their ups and downs throughout the remainder of November, as we watched the two currencies trying to jostle with each other.
The week ending the 19th saw the pound on 8.6474 versus the kuna, and just seven days after that the figure had changed to 8.7863. This was a huge difference and we were still none the wiser as to what would happen as the month started to draw to a close. It seemed as if the pound still had some more strength to show the Croatian kuna though, as the final rate for the entire month was 8.8652. It couldn’t have been much better really for the pound, as it sought to get results here that perhaps it couldn’t achieve elsewhere in the world.