A Curious Week’s Worth of Exchange Rates
Posted by Allison on 13 October 2014, 17:10
We’ve had some intriguing results during the past week or two on the currency markets. However, would this week produce equally interesting results or would there be more concerning ones instead?
An overview of the currency markets for October 6th – October 10th 2014
Here we are then with yet another week’s worth of results for you. As per usual we shall begin with the British pound against the US dollar, which usually produces some interesting results. This week the pound started on 1.6066 but then dropped back to 1.5991 on Monday evening before rising to 1.6080 on Tuesday. In fact this would prove to be an up and down week in terms of the currency market. The pound increased a little only to drop the following day and this pattern continued against the US dollar all day. Eventually Friday evening closed with the pound on 1.6034.
That result was slightly disappointing but would we do better against the Euro? Here we opened on 1.2734 before dropping back to 1.2726 on day one. We did better on Tuesday, rising to 1.2755 in the process, but unfortunately that was the only piece of good news we would have this week. By the time Friday night rolled around the British pound was down to 1.2687.
Our third stop is with the Hong Kong dollar, and Monday was not a good day here either. The pound slipped to 12.404 from a starting rate of 12.467. We followed the pattern we’d set against the US dollar too, as the pound had a good day invariably followed by a bad one. This meant that Friday night arrived with the British pound settled on 12.441, marginally down on its starting rate.
We had a poor week against the New Zealand dollar last time, although the week before that had been excellent. Where would things go this time? We opened on 2.0444 and rose to 2.0495 by Monday evening. We then had a couple more good days before Thursday saw a drop to 2.0420. Would this be a poor end to a pretty good week? Actually nothing would be further from the truth – the pound managed to improve a little more until it finished on 2.0510 on Friday evening.
Finally our last stop of the week as always is with the Australian dollar. The opening exchange rate was 1.8357 but we didn’t have the best start as this dropped to 1.8302 by Monday evening. The following day was much the same, resulting in a closing rate of 1.8276. We did have a couple of good results slotted into the remainder of the week though, and luckily the best was saved until the last minute. This was when we managed to close things out on 1.8410.
Notable events in the world of currency
A slight drop against the Canadian dollar
We didn’t see much in the way of good news this week, although the middle of the week produced better results than either end. In the end though the pound dropped slightly from 1.7966 to 1.7953.
A similar pattern against the Swiss franc
Here too we had a disappointing result. The opening rate was 1.5395 and this eventually slid back to 1.5341 by Friday night.
A more notable drop against the Icelandic krona
Here we started out on 194.613 and by the time Friday night came along we had dropped to 193.590.
So it was an interesting week all told, especially since some of the exchange rates were better than others. Perhaps the good results we had of a couple of weeks ago were the best we would get for a while. Maybe this was one of those weeks where nothing much happened at all. Only the results either side of this week will reveal that particular story.
That’s why we shall be back next week with more results so we can compare those to what happened this time. We hope you will join us then for more news.