A Week of Good News for the British Pound
Posted by Allison on 10 June 2014, 14:52
Welcome back to a new week of currency results to share with you. Here we dive right in to provide you with the latest news.
An overview of the currency markets for June 2nd – June 6th 2014
How would this week pan out? Let’s see. The British pound opened on 1.6734 against the US dollar and this immediately improved to 1.6743 on Monday. In fact the pound spent the next couple of days improving still further, reaching 1.6761 on Wednesday evening. It then dropped to 1.6743 on Thursday so would we end up worse off by the end of the week? Thankfully the answer was no, as we ended up finishing the entire week much better off with a rate of 1.6725.
As far as the Euro was concerned, the pound started on 1.2298 here and increased a little on day one, finishing on 1.2301 as a result. We then dropped back to 1.2274 the next day so the pattern wasn’t followed here. We did however manage to keep things roughly in our favour, even though we experienced an up and down week all in all. The closing rate here was a heartening 1.2333.
Two good results so far and it looked as though things would be good against the Hong Kong dollar as well. We opened on 12.973 and edged up to 12.982 the following day. There was another increase on Tuesday although this was smaller, enabling us to rise to 12.985. The pattern was very similar to the one we’d seen against the US dollar in that Thursday was the only poor performance day to be seen. As a result we finished up on 13.044 for the week, which wasn’t bad at all.
Our fourth stop is with the New Zealand dollar. The pound opened on 1.9747 here and again it had a good run of days with no losses. This took us to 1.9924 on Wednesday evening, although we couldn’t reach higher than this for the remainder of the week. Instead we slipped back to 1.9744 by Friday, which actually meant we were slightly worse off compared to our original starting rate.
Finally let’s see whether we could do well against the Australian dollar. We started the week on 1.7999 and immediately improved to 1.8100. Unfortunately this turned out to be the highlight of the week, so could we hope to stay ahead of our starting rate to achieve a reasonably good week on the whole? We did lose ground over the remaining days of the week but fortunately they were small losses, leaving us on 1.8022 to close out the week.
Notable events in the world of currency
The pound improves against the Canadian dollar
Here the pound started on 1.8134 and managed to finish better off on 1.8379.
Another marginally good result against the Swiss franc
Here the pound improved from 1.5009 to edge up to 1.5028 this week.
A big improvement against the Icelandic krona too
We managed to get another good result here as the pound climbed from 189.074 to finish on 190.770.
On the whole it had been a good week for the British pound. We’ve seen some encouraging results here that suggest the pound is doing well on the currency markets. The big question is whether this general pattern will continue for the next week or more. Time will reveal the results to us.
The only negative result for the week was against the New Zealand dollar. Although the Kiwi dollar and the Aussie dollar quite often perform in tandem with each other, we didn’t see similar results between one and the other this week. Instead we saw a slight discrepancy. Will this continue next week as well? We’ll be here to show you what happens.
Until then we can at least be happy that the pound did well. Whether or not this will continue remains to be seen. There may be some drama yet to come.