A Struggle for the British Pound
Posted by Allison on 5 July 2013, 07:28
Welcome back to another currency report. We’ve had some interesting ones of late, as the British pound has managed to come up with the goods against a range of currencies. Would this week be the same?
An overview of the currency markets for June 24th – June 28th 2013
As the week got underway, the British pound stood at 1.5445 against the US dollar. This dropped to 1.5347 by the time the first day was over though, so it wasn’t a good start. It did perk up to 1.5477 on Tuesday, but this was the best performance of the week as things started to go downhill again after that. By the time the entire week was done the British pound had slipped back to close on a disappointing 1.5258.
Elsewhere in the world the pound was going up against the Euro. The opening rate here was 1.1719 but this got off to a good start as the pound rose to 1.1748 by the time the markets closed on day one. There was a long way to go yet though, and after a struggle to maintain a reasonable rate during the week, the British pound eventually ended down on its opening rate by finishing on 1.1665.
As far as the Hong Kong dollar was concerned, the pound was able to move up a little here early on in the week. The opening rate of 11.981 dipped on day one before recovering to close Tuesday evening on 12.005. But once again things went downhill throughout the rest of the week, as the pound eventually finished off the week on 11.838.
Our fourth stop is as always the New Zealand dollar, where the pound began on 1.9927. Could it break the two dollar mark? It didn’t look promising, although the first couple of days saw the pound in the ascendancy as it reached 1.9961 by Tuesday night. After that it started to drop though, as the currency dipped back and finished the week on a poor 1.9589.
Finally we must stop and see whether the Australian dollar would get the better of the pound as well. The opening rate here was 1.6753, but as happened with the New Zealand dollar it soon got the better of the British currency. The lowest point came on Thursday with a rate of 1.6404, and it recovered slightly – thought not by much – to finish the week on 1.6531.
Notable events in the world of currency
British pound dips slightly against Canadian dollar
In this case the pound started on 1.6061 and ended the week on 1.5998, having dropped less than a cent.
Marginal difference against the Swiss franc
Here the pound managed to up things slightly, moving from 1.4364 to 1.4393 as a result.
Another drop for the pound versus the Icelandic krona
The pound wasn’t having a good week here, as the currency fell from 189.679 to 188.748 over the course of the week.
This was a troubling time for the pound as it struggled to achieve anything of note over the course of the week. However with that said, it was notable that it hadn’t dropped by far, only by a small amount. This was good news because it meant we weren’t reporting on a catastrophic performance by the currency; instead it was just a disappointing performance we could have done better on.
As you can see, some weeks definitely are better than others. We have reported on some significant increases achieved by the pound in weeks gone by. Today we are merely reporting on some slight drops in the exchange rates against all these other countries. However we could be reporting on an entirely different situation next week. Hopefully it will be a much better one if things go according to plan. Make sure you come back then to ensure you get the latest results to ponder over. We’ll see you then.