A Reasonably Good Week for the Pound in Places
Posted by Allison on 25 November 2014, 10:12
It’s time once again to see how well the British pound performed over the course of the week. Let’s get started without delay.
An overview of the currency markets for November 17th – November 21st 2014
As the week began we had the British pound standing at 1.5654 against the US dollar. Would it improve or dip in the next few days? The early signs were far from good as it fell to 1.5641 on day one, although this was at least a small dip. However we then had three good days on the trot. This saw the pound gradually gaining in value over those days, so by the time Thursday evening arrived we were on an exchange rate of 1.5695 instead. These were small gains and the loss we experienced on Friday was small as well, taking us back to 1.5682 in the process. However this was still better than the amount we had started with.
The next question was whether we could edge up against the euro as well. We began the week on 1.2588 here and immediately dropped back to 1.2517 on day one. However the pattern we’d had against the US dollar didn’t improve here, since we got weaker over the next couple of days as well. We fell back to 1.2505 on Wednesday before spending the last two days of the week improving our standing. This took us to 1.2624 to close out the week.
So far then we have two good result. Could we make it three with a good performance against the Hong Kong dollar as well? The opening rate was 12.139 and once again Monday proved to be the weaker link as the pound fell to 12.129. The good news was we then had a further three days where the exchange rate went in our favour. This meant we could end the week with a better exchange rate here too for the pound, even though we had a slight dip on Friday. We still finished on 12.163 in total.
Over to New Zealand now, where we can determine if the British pound would have a good or a bad time. It would turn out to be a little more uncertain here, as we started on 1.9925 and the first two days were disappointing. Indeed, we ended up on 1.9648 by Tuesday evening. A quick improvement took us back to 1.9944 on Wednesday and we edged up to 1.9982 the following day. However this didn’t prevent the pound from falling again on Friday to close on 1.9796, losing ground from Monday in the process.
Would we have something similar to report after looking at the state of play in Australia too? Here we began the week on 1.8046 before dipping on day one, taking us back to 1.7914. We then had the familiar three days of good results, just as we’d seen elsewhere. This resulted in us reaching 1.8231 against the Aussie dollar before dropping to 1.7998 on Friday. This meant we were just under the starting rate we’d seen on Monday.
Notable events in the world of currency
A drop against the Canadian dollar
Here we fell from 1.7818 to 1.7658 by the time the week was over.
A slight improvement against the Swiss franc
There was better news in this part of the world as the pound started on 1.5124 and managed to get a little better, rising to 1.5179 by Friday.
Another rise against the Chinese currency too
Here too there was good news. The pound began on 9.5959 and ended the week on 9.6090.
So we can see it was largely a good week, although there was still the odd disappointment here and there. On the whole though the British pound did perform well and we can only hope this continues throughout the coming weeks as we get closer to the end of the year. This in turn makes us wonder how things will pan out in 2015. We shall find out soon enough.