A Reasonably Good Week for the British Pound
Posted by Allison on 2 February 2015, 17:23
Another week has gone by and we are back with another look at the currency markets. How will the pound have performed this week?
An overview of the currency markets for January 26th – January 30th 2015
Here we go then, and we’ll begin by seeing how the British pound stood up to the US dollar last week. We had a good start as the pound rose from its opening rate of 1.4984 to 1.5013 by Monday night. Indeed we had three good days to begin with, so by Wednesday night the pound had gone up to 1.5194. Unfortunately the final two days did not measure up to the beginning of the week, but we still ended up better off on Friday as we finished the week on 1.5051 against the dollar.
Over now to the euro, where the pound started off on a rate of 1.3381. We didn’t have such a good start here, instead falling to 1.3352 on day one. However we did then manage to get in a couple of better days as the pound moved up to a closing rate of 1.3394 by Wednesday evening. However it was then back to a lower rate again so by the time Friday night rolled around the British pound was stuck on a rate of 1.3313. This was lower than we’d started with but at least the loss wasn’t too bad.
Our third stop will be the usual one, with the Hong Kong dollar. Here we had an opening exchange rate of 11.616 and it soon became clear the British pound would follow the pattern it had experienced against the US dollar. This meant we would have three good days followed by two not so good ones. The early portion of the week saw the British pound rise to 11.778 by Wednesday evening, but the losses of the last two days saw it fall back to 11.667 by Friday night. At least this was higher than we’d started with on Monday morning.
Our fourth stop is the New Zealand dollar. We were starting the week on a rate of 2.0115 here and after two healthy days for the pound we were at 2.0339 by Tuesday evening. A slight drop the following day took us back to 2.0301 but Thursday more than made up for it. In fact we ended up finishing on 2.0798 on Thursday, which was an increase of nearly 2.5%. Even though we fell back to 2.0726 by Friday night, this was still markedly better than we’d started the week with.
Finally we began on 1.8960 against the Australian dollar before climbing steadily over the course of the first four days of the week. We’d already done well against the Kiwi dollar and it looked as though the same would be true against the Aussie dollar too. Indeed by Thursday night we were standing on 1.9438. Even though we dropped back a little to 1.9351 by Friday evening this was still rather better than we’d begun the week with.
Notable events in the world of currency
A great result against the Canadian dollar
The pound did really well here last week, starting on 1.8649 and rising to an impressive 1.9069 by the week’s end.
An impressive result against the Swiss franc too
Here the pound began on 1.3135 before heading up markedly through every single day, ending the week on an amazing 1.3936 as a result.
But not such a good performance against the Icelandic krona
Here things weren’t as encouraging as the pound fell from 203.224 on Monday morning to 200.507 on Friday night.
So all in all it was rather an interesting week for the British pound. While we were able to get some great results against some foreign currencies we struggled a little against some of the others. However there was more than enough good news to go around for the most part, which meant we could celebrate a reasonably good week all in all. Will next week be the same though?