A Hesitant Start to a New Month
Posted by Allison on 8 June 2015, 13:26
If you are here to find out how the British pound did on the currency markets last week, we’ve got all the information you need. Read on to find out more.
An overview of the currency markets for June 1st – June 5th 2015
Here we are then as we explore how the British pound did against the US dollar last week to start a brand new month. The opening rate was 1.5257 and this dropped immediately to 1.5215 by the end of the day. We had better news over the next three days though, as the pound managed to increase its rate every single day. This meant that by Thursday evening it was on 1.5388 against the US dollar. It fell back a little more on Friday but since it only went down to 1.5331 this was better than we’d started on and was therefore deemed a success.
Could we replicate this against the euro though? The pound opened on 1.3908 here and actually had the worst start to the week it could have managed. After dropping a little to 1.3903 on Monday, it then experienced three more days of poor results. This left it struggling on 1.3598 by the time Thursday night arrived. While it did manage to improve slightly by Friday, finishing on 1.3666 in the process, this was still more than two cents down on the original rate we’d started off with.
Over to Hong Kong now and here the pound began with a rate of 11.829 against the Hong Kong dollar. It dropped back to 11.799 on day one, but then it experienced a more encouraging few days. Indeed, by Thursday night it had climbed a little every day, leading it to finish on 11.929 that night. With one more day to go the pound did experience a loss though, ending the week on 11.887. However on the whole this was better than the starting rate had been.
When the pound went up against the New Zealand dollar it started on 2.1425 and then dropped to 2.1372 by the end of Monday. Was this a bad omen for the week ahead? It didn’t look like it, because the pound then put in a great performance over the next three days to finish on 2.1531 by Thursday night. It experienced that same disappointing Friday drop though to finish on 2.1474 for the week – but again, this was better than its opening rate had been.
Finally the pound started trading on Monday morning on 1.9941 against the Australian dollar. If we were hoping it would reach the two dollar rate at some point during the week we were disappointed though. It slid over the first few days – at first marginally and then dropping to 1.9685 on Wednesday. Fortunately the pound then picked up to 1.9877 the day after before dropping to 1.9863 on Friday.
Notable events in the world of currency
Pound improves against Canadian dollar
From a standing start of 1.8984 the pound managed to reach 1.9164 by the end of the week.
Bad news against the Swiss franc
The pound couldn’t achieve a good result against the Swiss franc. It had just one good day among the five this week, leading it to drop from an opening rate of 1.4382 to reach 1.4320 by Friday night.
A drop against the Icelandic krona too
Here too we had bad news. After a good start on Monday the pound had a very mixed week. It opened proceedings on 204.932 and by Friday night the amount had changed to 203.139.
So it was really a week of mixed fortunes for the British pound. While it did manage to get the occasional good result it wasn’t able to string enough of them together to create an overall improvement against many currencies. Perhaps things will change next week. Whatever the case may be, we shall be here with all the latest results to bring to you.