A Strong Performance from the Positive Pound
Posted by Allison on 23 June 2014, 16:48
Welcome back to another weekly report. We already know the pound did well last week, but how well did it do? Let’s find out the results now.
An overview of the currency markets for June 16th – June 20th 2014
Here we go again with another look at how the British pound did on the currency markets last week. As the pound opened against the US dollar on Monday it was worth 1.6962. We didn’t see much of an increase on day one but we did see a little progress as it rose to 1.6970, and then to 1.6972 on Tuesday. Unfortunately this was followed by a drop to 1.6943 on Wednesday. However there was some good news to come because the pound then had a couple of good days to finish with, closing out Friday night on 1.7038 as a result.
Let’s move on to the Euro now to see whether the pound could achieve something similar here too. We opened on 1.2532 and again there was a slight improvement on day one, taking us to 1.2540 as a result. The next couple of days weren’t so good and we ended up dropping to 1.2492 by Wednesday. Fortunately we then had a similar good run to the end of the week that we’d seen against the dollar, resulting in a closing rate of 1.2539 on Friday.
Moving on to Hong Kong now, the pound started on 13.148 here and edged up over the next two days to hit a rate of 13.156. We then saw the by now familiar situation of a midweek drop that took the pound down to 13.133. However we might have expected two more good days from the pound thanks to a good experience that resulted in a closing rate of 13.206 on Friday.
This makes three good results so far with just two more currencies to check on. As the week began the pound opened on 1.9593 against the New Zealand dollar, but it dropped to 1.9577 by the end of day one. We then added on a tiny amount – 0.0001 – on day two before falling back once more over the next two days. This meant that by Friday night we were on a closing rate of 1.9589 and this was just a little less than we had started with.
Would this result in a similar pattern being experienced against the Australian dollar as well? The opening rate was 1.8064 but we had some really good days to start the week off with, climbing continuously until Wednesday when we finished on 1.8144. We then dropped back to 1.8100 on Thursday before rising again to close things out on Friday with a rate of 1.8126.
Notable events in the world of currency
A small increase against the Canadian dollar
The pound had another good result here, rising from 1.8402 to 1.8425 this week.
A slight drop against the Swiss franc
We didn’t get all good results last week though, as this one shows. The pound started on 1.5262 and then fell back to 1.5258 as the week closed.
Another rise against the Chinese yuan
The pound did well here though, as it rose from 10.529 to 10.608 against the Chinese yuan.
It is always good news to get results that show the pound in fine form. The results we saw this week were certainly good for the most part. We had one or two losses but on the whole they were slight. This also meant we could enjoy some good news on the whole, and this is not the first time we have seen results like this.
Perhaps we are in the middle of a stronger period for the pound. If we have the ability to keep up this performance throughout the coming weeks, we could have a far higher selection of exchange rates to report on in the future. However anything can happen and it could be that this is the calm before the storm. Maybe we shall be reporting on some very different figures next week. Do come back to find out the answers.