Challenging Times Once Again This Week
Posted by Allison on 30 March 2015, 16:16
Welcome back to another look at one specific week on the currency markets. Let’s catch up with the latest news from March 9th to 13th.
An overview of the currency markets for March 9th – March 13th 2015
Time to take another look at the British pound and its battle to outdo the many other major currencies in the world. Our usual starting point is with the US dollar, and the British pound began the week on 1.5184 against that currency. After Monday’s day of trading the pound had dropped to 1.5112… and as it turned out that would be the first of five days of troublesome trading. Indeed, every day produced more disappointment for the pound. By the time Friday evening arrived it had lost a considerable amount of ground, falling to 1.4780 by the end of trading.
Would we now experience something similar against the euro too? Our starting point here was 1.3850 and we had a better day too, as the pound improved to close on 1.3915. There was better news too for the next couple of days, which meant the pound rose as high as 1.4213 by Wednesday evening. We couldn’t maintain the momentum for the remaining two days though, and this took the pound back to 1.3981. This was at least better than the opening rate on Monday however.
On to the Hong Kong dollar now, where the pound began trading on 11.780 this time. Unfortunately it then progressed through a series of falls throughout the week. In fact it pretty much mirrored the pound’s performance against the US dollar. This meant we ended up closing out the week on 11.480 – slightly disappointing but it could have been far worse.
Our fourth stop is with the New Zealand dollar, or the Kiwi dollar as it is sometimes called. How would things progress here? Well, we began the week on 2.0259 and we had a great start to the week. By Wednesday we were on a much better 2.0763. However as you will know if you read our reports quite frequently you never know what will happen next against the Kiwi dollar and indeed the Aussie dollar as well. This was a great example of how true that statement is. By Thursday night the pound had fallen to 2.0207 and by Friday it had fallen to 2.0128 – making us worse off than we’d been earlier on.
Finally we have the Aussie dollar to look at, and the pound began the week on 1.9376. We had a pretty similar pattern to the one we’d seen against the Kiwi dollar. The pound rose to 1.9755 by Wednesday evening, before falling back over the remaining part of the week to 1.9293 by the time Friday was over. So we lost ground here too but thankfully not as much as might have been the case.
Notable events in the world of currency
A drop against the Canadian dollar
This week we saw the pound fall behind against the Canadian dollar too. It started on 1.8927 before falling back to 1.8821.
An improvement against the Swiss franc
There was better news here as the pound rose from its starting rate of 1.4819 to close the week on 1.4887 against the Swiss franc.
More of the same against the Icelandic krona
Here too the pound had a slight improvement, rising from 205.700 to 205.788 by the time the week was up.
So it was possible to find some good results throughout this week, even though you had to search a little harder to find them than you might have done before. The British pound doesn’t always have great results but it doesn’t always fail across the board either. In some cases it had an excellent start to the week before falling back over the latter couple of days, showing you just never know what to expect next.
And in that vein, we shall be back with more soon to reveal what occurred on the currency markets throughout the next week. Make sure you don’t miss a single exchange rate.