Posted by Allison on 14 October 2013, 14:11
Welcome back to another currency report. With September fast disappearing, would the British pound manage to put in a good performance for the last few days before the new month arrived? Let’s discover the answers now.
As the previous week ended, the British pound settled on 1.6019 against the US dollar. This immediately improved at the start of the new week, as the pound rose to 1.6058. A drop the following day led us to wonder whether it was too early to celebrate though, as the pound fell to 1.5957. However it was also too early to get disappointed, as the pound fought back to close on 1.6115 for the week.
It was a good start to be sure, but would the pattern be followed with regard to the other currencies as well? Let’s find out how the pound fared against the Euro first of all. The pound started on 1.1853 here, and once again there was a slight improvement on day one as it achieved a closing rate of 1.1888. It also followed the pattern it had set against the dollar by falling back the following day, closing on Tuesday on 1.1843 as a result. But it also followed the better pattern of the rest of the week, as it improved to close on Friday night on 1.1904.
With two excellent results so far, perhaps we could start feeling a little more confident. Let’s see whether that confidence was well placed as we discover how the pound did against the Hong Kong dollar. The starting point here was 12.419 and again the pattern was borne out with a rise on day one to 12.451. The predictable midweek dip was in place too, before the British pound was able to get the better of the Hong Kong dollar and rise to 12.497 by the end of the week.
Now we come to the New Zealand dollar, where things can be a little different to how they pan out elsewhere. The pattern we see here is likely to be replicated with the Australian dollar as well, so let’s see how things progressed. The British pound started off on 1.9147 and it rose steadily to close on 1.9500 on Wednesday evening. However it then lost some ground and fell to a lower rate of 1.9491. With that said though, the pound had still improved markedly on its opening position.
So would we see a similar picture when it came to the Australian dollar? The pound started on 1.7015 here and moved little on Monday before dropping back to 1.6992 on Tuesday. However the best was yet to come and the week ended with a much healthier rate of 1.7311.
Here the pound managed to improve from 1.6474 to close the week on 1.6627.
There had to be some disappointments this week, and here was one of them. The pound fell from 1.4615 to 1.4580.
Here we had more good news though, as the pound rose from 191.957 to 195.816.
Apart from the small drop we’d seen against the Swiss franc, it was all good elsewhere for the pound this week. Indeed, we’ve seen some good results here and there in previous weeks, but we’d have to look back a way to find a week that was as convincing as this. It does make us wonder whether we are in for a disappointment next week though, or whether we can look forward to much better results than we’ve had in the past. Will this be a prolonged period of good fortune? We shall see.
Either way we shall be here to report on the latest happenings in the currency markets as time goes on. Come back soon for more details of the latest movements in the marketplace.