A Strong Week for the Pound
Posted by Allison on 3 August 2015, 10:59
Welcome back to more assessments of the currency market. Let’s see how well the British pound managed to do this week.
An overview of the currency markets for July 27th – July 31st 2015
Here we go then and the pound started off on 1.5474 against the US dollar before improving to 1.5515 on Monday night. This was followed by a couple more very good days. As such we ended up seeing the pound achieving a rate of 1.5638 by Wednesday evening. Unfortunately we then had two disappointing days which meant the pound dipped back to 1.5575 by Friday evening. This was better than the opening rate had been though.
We know the pound is quite strong against the euro at the moment, but exactly how strong was it? We opened on a rate of 1.4146 and we actually dipped to 1.4031 on Monday. So was the euro fighting back? It seemed so, but the pound had something to say about it when it spent the next three days improving its own standing. By Thursday night it had reached a peak of 1.4265. While it did fall back to 1.4202 on Friday, this was still better than it had started on.
Over in Hong Kong the pound was worth 11.995 as the week got underway. We had three excellent days initially, which took the pound up to a high of 12.121 by Wednesday evening. However we couldn’t keep this up and by the time we approached Friday evening the pound had slid in value. Fortunately it hadn’t slid past the opening point on Monday, which meant we finished on a pretty good rate of 12.076.
Next up is the New Zealand dollar. Last week we left the pound on 2.3581 here, but we didn’t get a good start this time around. The first two days were filled with losses, as the pound slid back to 2.3388. However the good things in life are certainly worth waiting for, and it would be so with the exchange rate here last week. From Wednesday onwards the results got better and better. By the time Friday night arrived and the markets closed, the pound had improved to 2.3816. This was a considerable jump up from Monday’s opener.
Our final stop comes now with the Australian dollar. Would it mirror the performance the pound had managed against the New Zealand dollar this week? Well, the pound began on 2.1301 and had the opposite performance over the first two days. It achieved good results on both, sending it up to 2.1330 by Tuesday night. However, it then managed to replicate the good results the pound had achieved against the New Zealand dollar too. Essentially, this meant it had succeeded over five whole days, taking it up to 2.1502 by Friday night.
Notable events in the world of currency
Good news against the Canadian dollar
We did well here too, as the pound rose from 2.0257 to 2.0323 against the Canadian dollar.
Another rise against the Swiss franc
Here too there was good news to come. The pound rose from 1.4870 and finished on 1.5004 today against the Swiss currency.
A slight rise against the Icelandic krona
The pound struggled a little against the krona but overall the performance was good. It was enough to take the pound from 208.861 to a closing rate of 209.346.
As you can see there were some pretty good results overall this week as the pound did all it could to achieve some good outcomes against all manner of different currencies. As the pound managed to improve in most quarters, it made the perfect end to yet another month.
Next week we shall see how well – or not – it will do against the major currencies as August gets underway. There could be a chance to make some significant headway here if the pound can have another week much the same as this one. Let’s keep our fingers crossed for another batch of great results.