A Strong Showing for the British Pound This Week
Posted by Allison on 1 March 2017, 14:20
Finally, we have encouraging news this week that shows the British pound has been on the up. Let’s find out just how good the news was.
An overview of the currency markets for February 20th – February 24th 2017
So, as we begin this new week, we see the British pound starting on 1.2424 against the American dollar. We then have a good day to start with, rising to 1.2468. However, a dip to 1.2416 then followed, so there is little to celebrate thus far. We did then have a great end to the week, though, because it turned out that dip was the only one we would experience for the entire week. By the time the final day of the week arrived, and the pound had experienced those three good days, it ended on 1.2554 against the US dollar.
With one good result under our belts, could we do something similar against the euro, too? Well, we began trading on 1.1665 last week, and we had three impressive days against the European single currency. By Wednesday evening, the pound had risen to an encouraging 1.1841. We then dipped slightly to 1.1816, but since we still held most of the gains in place, this wasn’t a major concern. Better still, though, was the final rise we had on Friday, when the pound reached a final rate of 1.1833 to close out the week.
So, what would our third stop have in store for us? Would the pound do equally as well against the Hong Kong dollar, too? We followed the pattern we had seen play out against the US dollar here, which is often the case. Starting on 9.6429, we eventually rose to 9.6766 on Monday night, before dipping to 9.6374 a day later. After that, we managed to climb through several good days that took us to the best rate of the entire week on Friday evening. What better time of the week could there be to achieve this? We finished on 9.7441 here, giving us a third good result thus far.
Our next stop is many miles away, with New Zealand next on our list. Would this follow the pattern seen against other dollar currencies this week, or would the British pound perform differently here? Well, from a starting rate of 1.7276, we then had two good days to start with. This meant the pound finished on an encouraging 1.7389 on Tuesday night. we then had the exact opposite happen over the next two days, as it fell to 1.7295 by Thursday night. Finally, a jump to 1.7408 occurred on Friday night, which again meant we had experienced a successful week of trading.
We have just one more stop to make. The pound started on 1.6206 versus the Aussie dollar before rising to 1.6248 on Monday evening – a rise of 0.262%. But three poor days followed here, so by Thursday evening we had a different picture that revealed a rate of 1.6177 for the pound. We did manage to put in the best day on Friday though, soaring by more than 1% to reach a closing rate of 1.6349.
Notable events in the world of currency
A big jump against the Canadian dollar as well
Here, too, the news was good. The pound began on 1.6249 before ending the week higher on 1.6457.
More of the same against the Swiss franc
We achieved a good result here as well, with the pound rising from 1.2409 to 1.2601 against the Swiss currency.
An unexpected downward slide against the Icelandic krona
Just to demonstrate things don’t always go our way, the pound dropped from 136.992 to 135.647 this time around.
So, all in all, this was a superb week for the British currency. We wonder whether we will see more of the same next week, or whether this was a mild improvement that will level out again next week. Could we see yet more good news to come, or will the picture look very different?