A Real Mixed Bag this Week for the Pound
Posted by Allison on 13 February 2017, 13:08
We have some interesting results to share with you this week, proving that sometimes all kinds of dollar currencies follow a similar pattern on the currency markets.
An overview of the currency markets for February 6th – February 10th 2017
Right – here we go with a fresh week’s worth of trading. The British pound began on 1.2487 versus the US dollar, and experienced a fall over the first two days of the week. This took it to 1.2365 by Tuesday night. We then did better over the next two days, which meant by Thursday night the pound had risen to 1.2565. This was better than we’d started with on Monday, but could we retain that rise? We dropped to 1.2462 on Friday night, which meant the answer was no. We dropped just below the opening rate for the week.
Next up is the pound against the euro. Here, we began trading on 1.1626 before rising to 1.1634 on Monday night. It was a good start, but after this we fell back to 1.1583 the following day. Despite that, two better days followed and this meant that by Thursday evening, the pound was looking much healthier on 1.1752 against the euro. Could we hold onto that improvement? Well, we did drop back to 1.1724 by Friday night, but at least this was still higher than we’d opened the week on.
Moving over to Hong Kong now, and their version of the dollar, the pound opened this trading head-to-head on 9.6895 last week. We had the same two poor days to open with (taking us to 9.5937) that we had against the American dollar. And yes, we followed up with two good days as well. This took us to 9.7487 by Thursday night. We then fell back to 9.6697 by Friday night, meaning we were worse off on Friday than we had been on Monday morning.
Moving over to New Zealand now, we started with a similar fall here over those first two days last week. This meant we opened trading on 1.7184 before dropping to 1.6947 on Tuesday evening. We also followed the pattern by improving over the next two days. That meant we ended up with an exchange rate of 1.7396 by Thursday night. And of course, we also followed the final drop in rates to reach 1.7350 by the end of the week. This still meant we had done well in this part of the world, though.
Finally, it’s the turn of the Australian dollar to go head-to-head with the British pound. The pound began on 1.6342 before falling to 1.6233 by Tuesday evening. You can see that same pattern is being followed once again here. And in traditional style, it carried on throughout the rest of the week, too. The pound increased to 1.6412 by Thursday night, before rising to close the week on 1.6303 on Friday.
Notable events in the world of currency
Doing well against the Canadian dollar
The Canadian dollar was pushed back by the British pound last week, and the pound rose from 1.6303 to 1.6373.
Better news against the Swiss franc as well
Here too we had some good news, as the pound began trading on 1.2434 and rose to 1.2509 at the end of the week.
A marginal drop against the Icelandic krona
We didn’t achieve a good result here, but at least the fall from 141.598 to 141.492 was a small one.
So, it has been an interesting week on the currency markets, as always. We have seen several good results but the week was not without its hassles for the pound. It did do well against the euro, though, which is good news at least.
Whether this will carry on is unknown. Perhaps we can hope for good results in future weeks, but whether we can report them here or not will remain to be seen. We know how volatile these markets can be.