Posted by Allison on 18 May 2015, 16:56
Welcome back to another week filled with results from the currency markets. Let’s see how the British pound performed – and there is plenty to be pleased about.
Let’s get started in the usual place then as we see whether the British pound could put in a reasonable performance against the US dollar this week. It began the week on 1.5413 and immediately put in a strong start by improving to 1.5483 on Monday. This seemed to bode well as Tuesday saw the pound perk up to an impressive 1.5688, putting on 0.0205 in the process. The following day saw a slight dip but nothing too worrying, and the overall trend was definitely in favour of the pound. By the end of the week the British pound had finished on 1.5709 against the US dollar.
Could the pound manage to achieve something similar against the euro too? It began the week on 1.3736 and again the first two days were encouraging indeed. By the time Tuesday night rolled around the pound had finished on 1.3958. The next two days went the way of the euro, with a closing figure of 1.3829 the exchange rate on Thursday night. However the pound fought back to edge up to 1.3867 by Friday evening, so once again we had a great week here.
Over to the Hong Kong dollar next and the pound began the week on 11.950 here before rising to 12.004 on Monday evening. Things got better still the following day as the pound rose to 12.162 there, and we then experienced the ups and downs we’d seen elsewhere throughout the latter part of the week. However the pound still managed to end things on a good note. Friday night saw it achieve a closing rate of 12.176 which was still better than it had started with on Monday morning.
We started in a good position against the New Zealand dollar, with an opening rate of 2.0721 here. Did this mean we would drop in value? Actually no, and after a full two days’ of trading we finished up on a healthier 2.1271. We fell back to 2.0993 the following day but actually the best was yet to come. As it turned out the pound still had some power left in it, and after two more good days it managed to end Friday’s trading on 2.1130.
Could we manage to do something similar against the Australian dollar as well? The British pound opened proceedings on 1.9479 here and immediately improved to 1.9617 on Monday. It also put on a little more on Tuesday, rising to 1.9639 as it did so. It then experienced the same drop it had seen midweek against the Kiwi dollar, while two more good days awaited it on the other side. This meant that by the time Friday came around, the exchange rate was an impressive 1.9635.
Here too we had a good result, with the pound rising from its opening rate of 1.8655 to a week-ending rate of 1.8910.
It was clearly a great week for the British pound. It managed to climb from 1.4265 to 1.4509 against the Swiss franc last week.
Here the pound managed to do well too, rising from 203.027 to 205.582 last week.
So it was a very good week all in all for the British pound. Whereas we are witnesses to a real struggle on some occasions, this was not one of them. Instead we managed to achieve a good result that was seen across the board. Whether the good news will continue into next week or not remains to be seen. But you can be sure we will be watching very closely to see just how well the pound manages to transfer these results from this week to the next.