A Mixture of Results for the British Pound Versus Major Currencies
Posted by Allison on 2 September 2013, 17:44
Welcome to another look at how the British pound did on the currency markets. We have all the news and results from the past week so let’s see whether the pound managed to do well – or not.
An overview of the currency markets for August 26th – August 30th 2013
The British pound stood at 1.5545 at the beginning of the week against the US dollar, but where would it go from here? The answer on day one was up, as the pound reached 1.5563 by Monday evening. However things went downhill from there onwards, and by Wednesday evening the pound was sitting at 1.5462. It recovered to 1.5517 the following day, but it wasn’t enough to regain any more ground by the end of the week. Instead the pound closed on 1.5498 on Friday evening.
Would the situation be any better against the Euro? Here the British pound opened trading on 1.1640 and again nudged up a little on Monday, this time to reach 1.1648. It then had a similar two day drop as it had against the dollar. As a result it slid back to close Wednesday evening on 1.1584. It did better on Thursday but unlike the previous situation it managed to gain the upper hand on the Euro. This meant it finished the week on a healthier 1.1710 as a result.
As the week opened against the Hong Kong dollar the pound was worth 12.056. This increased to 12.069 on Monday night but dropped back over the next two days to reach 11.991 on Wednesday evening. The pound recovered to 12.034 the next day but it couldn’t hold onto that rate until the end of the week. Instead it fell back to close on 12.017.
So where would the pound stand against the New Zealand dollar? Would it achieve anything better there instead? The opening rate here was 2.0003 and this immediately fell to 1.9889 by Monday evening. Would we get back above 2.00 this week or not? We managed to crawl back up to 1.9957 but it took us until Thursday evening to do it. After this we were all set for a fall and we did just that – although it was marginal and took us to 1.9955 as a result.
Finally let’s see if the pound could achieve anything against the Australian dollar. The pound started the week on 1.7319 here and immediately fell back to 1.7275. After that it started to improve throughout the week, rising to a high of 1.7357 in the process. This was on Thursday though, which meant the pound finished the week slightly lower than that on 1.7354 on Friday night.
Notable events in the world of currency
A drop against the Canadian dollar
The pound didn’t have a good time here, as it started on 1.6428 and finished the week on 1.6319.
A better performance against the Swiss franc
From a starting point of 1.4384, the pound dipped to 1.4237 during the week, before it bounced back to a high of 1.4415 on Friday.
A similar performance against the Icelandic krona
Here the pound started on 186.786 and again had a mid week fall. This saw it reach a low point of 185.815 on Wednesday before recovering over the second half of the week to close on 186.712.
It was clearly a mixed bag of results this time around, as the pound did well in some areas but not in others. There were no major advances in any areas, but there were some good recoveries after a tough time during the middle of the week. Hopefully we shall see better results overall next week, but we shall have to wait and see. There is every reason to assume we would see a similar pattern to the results next week, as the pound struggles to achieve the best results it can.
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