Would October Be A Good Month For The British Pound Against The Swiss Franc?
Posted by Allison on 25 November 2010, 12:02
We hoped that it would be but with a starting rate of 1.5450 to go with, it was anyone’s guess as to whether we could actually achieve the result we wanted to have.
The early signs didn’t tell us much at all, since we finished the first week on 1.5471 and kicked off the following one with a slight dip to 1.5396. Where would we go from here? Would we settle for marginal increases and decreases throughout the month or would there be more dramatic changes in store on the currency converter? Let’s find out what actually happened.
The week that ended on the 8th October saw the British pound finish on 1.5335, quite a respectable end to the week although it did see us down on our starting rate for the month. The next few days registered marginal differences once again, but they were all down on the previous week, leaving us on 1.5152 by the time the 13th arrived. It certainly seemed to be unlucky for the British pound because it hadn’t really managed to do much of note at all thus far.
That week did at least finish on a slightly better and healthier note, as the pound managed to drag itself back up to a more respectable 1.5296 for the week’s end. But where would we go now and how would we progress through the second half of the month? Thus far it has been a one sided affair, albeit an understated one. The Swiss franc has clearly got the upper hand at the moment and the pound had just a couple of weeks left to ensure it could try and get its own back and get back up to a healthier rate of exchange.
The rot might have slowed down slightly in the following week but it didn’t stop entirely. The figure dropped to 1.5251 so at least we seemed to be putting the brakes on when it came to the British pound trying to do better against the Swiss franc.
If we had thought there was still time to make an impressive picture in the final week of October we would have thought it unlikely. But that is exactly what happened as the Swiss franc finally went onto its back foot and let the pound do its worst. After the weekend the first closing rate for Monday was 1.5257 but after twenty four hours more had gone past it had shot up to 1.5462.
But there was more delightful news to come for the pound, as it finally managed to get in the performance we had been waiting all month for. October finally came to an end with the pound delivering an exchange rate of 1.5781 against the Swiss franc. It’s the kind of figure you double check before writing down. But the British pound had indeed managed this feat – and it was on a much better footing because of it too.