An Encouraging Trading Week
Posted by Allison on 20 July 2015, 14:37
Here we are with another fresh set of results for you. Will this be a week to remember?
An overview of the currency markets for July 13th – July 17th 2015
As the week began the British pound began at 1.5517 against the US dollar. How long would that last? Well, we had a good few days to start the week. This meant the British pound had increased to 1.5626 by the time Wednesday evening rolled around. As you might expect we did then see a dip. This resulted in a slightly lower exchange rate come Thursday night, as the pound fell to 1.5566. We did however do better on Friday to finish the week on 1.5593.
Next up is the pound’s performance against the euro. The week opened with the pound on 1.3873 here and it immediately jumped to 1.4054 by Monday evening. It soon became clear that would trigger a rather good week ahead too. The pound improved to 1.4116 by Tuesday evening and it kept climbing over the next couple of days as well. This meant it had reached a peak of 1.4324 by Thursday evening. Friday did incur a drop for the pound, to 1.4320, but this was a very small drop given the events of the previous four days.
Over to the events in Hong Kong now, where the pound started off with a rate of 12.027 this week. Once again the first half of the week panned out rather nicely. It meant the pound had climbed gradually to achieve a closing rate of 12.112 by Wednesday night. We then saw it dip a little to a low point of 12.065 on Thursday night, but all was right with the world again on Friday. At the close of play the pound was back to 12.085. Not quite the highest point of the week but better than it had started with on Monday.
As the week began against the New Zealand dollar, the pound started things off on 2.2988. We had a very good day to start with as the pound improved to 2.3148 by Monday night. This was but the beginning of what was to come though. The next couple of days saw some improvements that resulted in a closing rate of 2.3342 on Wednesday. But by Thursday the pound had soared to 2.3884. This meant the slight drop to 2.3799 on Friday was hardly even noticed when compared to the opening rate on Monday. This meant the pound had still added on over eight cents across the week.
Finally the pound started on 2.0775 against the Australian dollar, and it looked as though it would have a good week here too as it rose to 2.0905 by Monday night. Things got better still over the next few days, and by Thursday the pound had reached 2.1075. It did dip on Friday – to 2.1068 – but this did not take away the good work it had done up to that point.
Notable events in the world of currency
Another good time against the Canadian dollar
The pound went from 1.9716 to 2.0237 against the Canadian dollar this week, adding on more than five cents.
Another great result against the Swiss franc
Here too things were looking good. The pound started on 1.4517 and finished the week on 1.4937.
More good news against the Icelandic krona
The pound began on 205.056 here and by Friday night it had soared to 210.942.
Clearly this had been a really good week for the British pound. Lots of good news everywhere you looked. There was little chance of any losses really, other than the odd day here and there. Even then the losses were absorbed into the week as a whole. Taking the beginning and closing rates for the pound against a variety of other currencies told the whole story each time.
The most important thing is whether this will continue next week. Only time will tell us the answer to that particular question.