A Sterling Effort from the British Pound
Posted by Allison on 6 July 2015, 15:55
Here we are then with another selection of results to bring you for the last week in June, going into the first few days of July.
An overview of the currency markets for June 29th – July 3rd 2015
The week got underway with the British pound on 1.5726 against the US dollar. This fell on day one to 1.5713, so would this be the start of an overall slide? We did improve the following day, enough to exceed the opening rate on Monday, rising to 1.5728 in the process. However we then had to go through two days of poor rates, dropping to 1.5579 by the time Thursday night arrived. Even though we upped things to 1.5623 on Friday, this was still disappointing by our usual standards.
Over in Europe the pound began the week on 1.4039 against the euro and immediately rose to 1.4114 by Monday night. It would be a see-saw week though, as the drop to 1.4056 on Tuesday proved. After another rise and fall over the next couple of days we ended up rising a little further to finish off a dramatic week on 1.4080 on Friday night. Despite all the ups and downs the pound had still finished in a better position against the beleaguered euro.
The pound started trading on 12.191 against the Hong Kong dollar last week. This dropped marginally to 12.181 on Monday evening but it did then improve to 12.192 by the end of Tuesday. We then went through two disappointing days where the British pound lost ground overall, dropping to a low point of 12.076 for the week as a whole on Thursday night. Although we managed to edge up to 12.112 by Friday evening, this wasn’t as good as the rate we had started with.
Next up is the New Zealand dollar, where the pound began on 2.2949 this week. A slight improvement was seen on day one, but this did not prepare us for the nice surprise we got the day after when the pound rose to 2.3261. Could we really hope to improve on that? Things went downhill slightly on Wednesday, resulting in a lower rate of 2.3150 for the pound, but the improvement we made on Thursday (to 2.3366) would sustain us for the remainder of the week. Despite the fact the pound dropped slightly to 2.3346, it still managed to be in a better position than it had been back on Monday morning.
Lastly there is the Australian dollar. Here the pound began on 2.0540 on Monday morning, but for three days the Aussie dollar was firmly in charge. This meant we had been pushed back to 2.0390 by Wednesday evening. However the last two days of the week were a great improvement and by Friday night the pound was on 2.0764 – a big jump up from the opening rate on Monday.
Notable events in the world of currency
A great improvement against the Canadian dollar
From an opening rate of 1.9445, the pound really did well to rise to 1.9657 by the close of play today.
More good news against the Swiss franc
The pound did well here too, starting on 1.4666 and climbing to finish Friday’s trading on 1.4736.
But a fall against the Icelandic krona
Here the pound was unable to replicate the good news it had seen elsewhere across the world. It fell from 207.503 to 207.137 at the end of the week.
So it had been a rather good week for the most part, although there were one or two odd results in there that were disappointing to say the least. However we have to take the overall picture as a very good one, giving us the opportunity to pick out some very good performances for the British pound.
The question, as always, is whether this performance will continue from one week to the next. We shall be here next week with the answer to that question this time around.