Posted by Allison on 1 August 2017, 12:39
Welcome back to another report on the state of the British pound on the currency markets. Will it do well this week, or will we end up with a tougher challenge and falling exchange rates?
Let’s begin in the same place we usually do, with the position between the British pound and the US dollar. Here, the pound started trading on 1.2991 this week, before rising over the course of the first two days, ending Tuesday evening on 1.3081. The pound couldn’t hang onto that good rate indefinitely though, instead falling to 1.3042 on Wednesday. At least that was a mild fall. It then improved again on Thursday, going to 1.3142 and achieving the best rate of the whole week as it did so. While it fell to 1.3095 on Friday, the British pound had still done better this week overall.
So, with that piece of good news under its belt, could the pound achieve more against the euro as well? It opened well, going from 1.1159 as the week got underway to 1.1191 on Monday night. However, it then dropped to 1.1186 on Tuesday, although this was a minor indiscretion. Two better days followed, and that meant the pound did ascend to a rate of 1.1238 by Thursday night. Could we hang onto a better rate for the entire week? Well, we did drop to 1.1164 on Friday – quite a drop overnight – but the British pound was still slightly better off than it had been on Monday morning.
Over to another dollar currency now, as the British pound began trading this week on 10.144 against the Hong Kong dollar. Two strong days started the week, with the pound rising to 10.214 by Tuesday evening. It then dropped back to 10.188 on Wednesday, before enduring two mixed days to close out the week. That meant seeing a rise to 10.264 on Thursday, before falling back to finish off on 10.228 – but again, this was still better overall since Monday morning.
Over to the New Zealand dollar now. What could the pound achieve here? It opened trading with an exchange rate of 1.7464 before rising over the course of two days to reach 1.7575 by Tuesday evening. This was a familiar pattern by now, as was the drop on Wednesday that took the pound back to 1.7561. This was a minor fall, but there was a more notable one the day after, which took the pound to 1.7479. It did manage to rise slightly on Friday, closing on another improved rate for the week on 1.7521.
Finally, we should see how the British pound has fared against the Australian dollar recently. The opening rate was 1.6403 and we ended up with three good days to open the week and take the pound to the midweek point, as well. That meant the pound was sitting on 1.6485 by Wednesday evening. After a fall to 1.6427 the following day, the pound managed to do well on Friday, and it ended the week on a stronger note, on 1.6447 this time around.
The pound managed to do well here, too, with an opening rate of 1.6364 rising to 1.6425 against the Canadian currency.
Here, the pound started on 1.2332 before rising throughout the week to end on 1.2679 against the Swiss franc.
There had to be a few bad results, and we discovered one against the Icelandic currency. The pound began the week on 136.641 before falling to 135.597.
So, this was a good week for the British pound, but we did have some negative results here and there. They were hard to find, however, and that meant the week was one we would remember for the right reasons. Don’t miss our report next week to find out whether the British pound can build on this success.