A Week of (Mostly) Good News for the British Currency

Posted by Allison on 7 August 2017, 13:06

Welcome to this week’s currency report for the British pound, where we discover how it did last week.

An overview of the currency markets for July 31st – August 4th, 2017

Here we go, then, with a look at how the British pound fared against the US dollar last week. The opening rate was 1.3095, which then improved to 1.3114 by Monday night. We had two more encouraging days of results, too, and this meant the closing rate on Wednesday night was 1.3227. We couldn’t sustain this for the whole week, and as such, the pound slipped to 1.3131 on Thursday night. But we did manage to do better once more on Friday, reaching 1.3145 and therefore having a good week overall.

So, with that good result in the bag already, could we maintain a similar push forward against the euro as well? We began on 1.1164 here, before rising to close Monday evening on 1.1183. But we then lost a little ground the following day, closing on 1.1180 instead. That lost ground was made up – almost – on Wednesday, as the pound edged back to 1.1182. Unfortunately, Thursday saw a big drop that took the pound lower to 1.1071 against the euro. This seemed too much to hope to regain ground on by the final day, and indeed, while we made some back by finishing on 1.1076, it was not enough to help us secure a significant result for the week.

Onto Hong Kong now, where the pound started trading on 10.228 against the Hong Kong dollar. We then increased that to 10.243 on Tuesday, and again on Wednesday to reach an encouraging 10.317 by midweek. We were expecting a drop on Thursday, as we had seen against the American dollar, and this is exactly what happened. Here, it took the pound back to 10.266, but this was still higher than the opening rate had been at the start of the week. With another leap to 10.277 on Friday, it was clear the pound was doing well here.

Our fourth stop takes us to an opening exchange rate of 1.7521 against the New Zealand dollar. The good news was the first three days followed the pattern we had seen against the two other dollar currencies we had looked at thus far. This meant the pound climbed to an excellent 1.7810 by Wednesday night. However, the drop on Thursday that we had come to expect was bigger than we thought – to 1.7699. We dropped again on Friday too, this time to 1.7642, but this still represented an overall rise for the week.

Would this be replicated against the Australian dollar as well? We began on 1.6447 before rising once again over a three-day period, as we had against other dollar currencies this week. This took us to 1.6602 on Wednesday night. But again, as we had seen against the Kiwi dollar, things went downhill from there, with two losses to finish the week. We still managed to stall on 1.6490 on Friday night though, so once again, we did have a slight increase overall last week. 

 

Notable events in the world of currency

A good week overall against the Canadian dollar

Here, too, the pound performed well. It began trading on 1.6425 before finishing Friday evening on 1.6526.

 

Another good result notched up against the Swiss franc

More good news came in here, as the pound began on 1.2679 and finished on 1.2731.

 

A notable success against the Icelandic krona as well

There were good results coming from all quarters last week. The pound rose from 135.597 to 138.107 against the Icelandic currency as well.

 

So, we can see last week was filled with encouraging results for the British pound. We know, though, that things like this do not usually last for a long period. So, we shall be watching closely to see how things progress next week. Will we be back with further good news to bring to you? Come back to find out.

 

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