A Strong Week for the British Pound on the Whole
Posted by Allison on 1 December 2014, 18:41
Welcome to our next currency report which this week contains some interesting information. Without further ado let’s explore the facts.
An overview of the currency markets for November 24th – November 28th 2014
The British pound stood at 1.5682 against the US dollar as the last week of trading in November began, but day one wasn’t good. The pound slipped back to 1.5677 so at least the loss was a relatively small one. There was another small loss the next day, but on Wednesday things perked up a bit as the pound rose to 1.5772. The joy didn’t last long though – we ended up with two more bad days to close out the week, bringing the pound to 1.5695. Luckily though that improvement on Wednesday was enough to give us a small overall rise across the entire week.
Over in Europe the pound began on 1.2624 against the euro. Here it did well on day one, easing to 1.2632 as a result. We then had a couple of up and down days before the euro appeared to get the better of the pound. This meant that we had no idea where we’d end up until Friday night, when the pound closed for the week on 1.2573. This was unfortunately lower than we’d begun with, so we were on one good and one bad result so far.
Off to Hong Kong now where we will begin with the pound at 12.163. We had two disappointing days to begin with, taking the pound back to 12.152 by Tuesday evening. However we then had a more encouraging Wednesday, as the pound rose to 12.230 against the Hong Kong dollar. Here again though we ended up with a poor finish to the week, taking us back to 12.172 by Friday evening. But again we had a similar situation to the one we’d seen against the US dollar. The pound was still slightly up overall against Monday morning’s starting rate.
Over in New Zealand we opened the week on 1.9796 before having one of the best starts to the week we’ve had in a long while. Three good days of trading on the currency markets brought the pound up to 2.0128 by Wednesday evening. We lost some ground on Thursday, falling to 1.9958 as a result, but by Friday we had perked up again to 1.9966. It didn’t reclaim the best points of the week but it did manage to finish up better than it had been on Monday morning.
Finally it’s time to go over to Australia to see how the British pound stood there last week. We opened on 1.7998 and again the pattern followed that of the Aussie dollar by giving us three good days of trading first off. This meant we finished on 1.8543 by Wednesday night. We dropped back a little to 1.8383 by Thursday evening but then improved to close on 1.8416 by Friday night.
Notable events in the world of currency
More good news against the Canadian dollar
Here the pound did extremely well too, rising from 1.7658 to 1.7888 as a result.
But a drop was in store against the Swiss franc
It wasn’t good news everywhere though, as we can see here with the drop against the Swiss franc. The pound began on 1.5179 and then fell to 1.5111 over the week.
A slight overall rise against the Icelandic krona
Here the pound began on 193.681 on Monday before rising sharply over a two-day period, but it then sank back to a slightly better-off 193.950 by Friday.
So this was on the whole an excellent week for the pound as we come to the end of November. With just one more month to go in 2014 it will be interesting to see how the pound performs over the course of December as we go into the holiday period. Perhaps the currency will end the year on a good note, or it may go in completely the opposite direction. There is no way to tell until the results come in.