Posted by Allison on 18 November 2013, 15:56
Without further ado let’s get into the details of last week on the currency markets. Where will the pound stand by the end of it?
So let’s see how the British pound will perform this week, shall we? It opened proceedings on 1.6080 against the US dollar, but by Monday evening this had already dropped to 1.5981. There was another drop the next day, but this looked to be a momentary blip because it was back up to 1.5972 by Wednesday evening. There was more to come as well because the pound managed to build on this performance and improve over the final couple of days, resulting in a closing rate of 1.6067 for the week as a whole. This was almost as good as the starting rate had been.
Over in Europe the Euro had the pound standing at 1.1972 at the start of the week. Again the first couple of days weren’t good, and the pound slid back to 1.1838 by Tuesday evening. This turned out to be the worst point of the week though, and once that was over the pound managed to move up to 1.1945 by Thursday evening. It fell slightly to close the week on 1.1937 but this wasn’t as bad as it could have been, even though it had lost a little ground over the entire week.
Our third stop takes in the Hong Kong dollar. Here the pound began the week on 12.464 before dropping over the next couple of days as it had elsewhere. This was clearly a week of two distinct halves for the currency. Tuesday night saw a closing rate of 12.328 for the pound before it improved to 12.383 on Wednesday. There were then another couple of good results which took the pound back up to 12.458 by Friday evening. Again it was not as good as the opening rate but at least the new results took it back up to a better position than it had been in midweek.
Let’s move over to New Zealand now to see if the pattern would be replicated there as well. The pound opened on 1.9276 before jumping up to 1.9403 at the end of day one. It then fell back to 1.9335 the following day, proving it would not follow the pattern it had been sticking to elsewhere. This meant we were in for an up and down affair, and this resulted in a closing rate of 1.9357 on Friday, which was better than the opening rate had been on Monday morning.
Finally we will see whether the Australian dollar would follow the same pattern as the New Zealand one had. Here the pound opened on 1.6992 before heading up to 1.7079 by the day’s end. After a slight drop the next day things got back to a healthier state of affairs. In fact even though there were one or two ups and downs, the pound still managed to close on 1.7216 by the end of the week.
Here the pound managed to edge up slightly from 1.6811 to 1.6813 over the course of the week.
Here we saw a similar picture as the pound moved from 1.4728 to 1.4737.
There was better news here because the pound started on 195.985 and managed to end on a healthier rate of 197.408.
As you can see there was no really good news for the pound this week. You had to look very hard indeed to find any notable results that could be deemed to be good news. However there were some good reports to be made, so we did have something to celebrate. We shall be back to provide the answers for you, so you can get an idea of where the British pound stands in the currency markets.