Posted by Allison on 3 April 2013, 17:35
Welcome back to the next currency report, where it is time to discover whether or not the British pound can achieve a good result against all manner of major currencies again this week. We had a good result last week, so let’s see if we can make it two in a row.
As the week began, the British pound stood at 1.5145 against the US dollar. By the end of Monday’s trading it had slipped to 1.5100. Was this a bad sign of things to come? It appeared not, as the pound then perked up to close Tuesday on 1.5124. From then on things got better and better and eventually the pound finished on Friday night on a much healthier 1.5182.
So could we do the same again where the Euro was concerned? The opening rate here was 1.1574 and we did exceptionally well on day one to hit 1.1679 by the end of the day. It certainly seemed as if we had the Euro where we wanted it, because things got better still as the week went on. We ended up going as high as 1.1741 by Thursday night, although we finished up lower on 1.1726 by the time Friday was over with. At least we had achieved a good result over the week as a whole though.
Next it’s onto the Hong Kong dollar, and here the pound started on 11.750 before falling to 11.720 by Monday evening. Fortunately we then picked back up to 11.737 by Tuesday night and from there onwards we did exceptionally well on a daily basis. By the time Friday night arrived the pound was worth 11.7869 against the Hong Kong dollar, achieving its best rate for the week.
Next we shall move on to the New Zealand dollar, to see if the pound could perform well here too. Here things were not as clear cut, as the pound began on 1.8388 before falling to 1.8320 by the end of Monday’s trading. It then picked up again on Tuesday before finishing on 1.8405 on Wednesday evening. Unfortunately we couldn’t hold onto that rate and we finished up on 1.8244 by Friday night.
Very often the pattern against the Aussie dollar follows that of the New Zealand dollar, so would it be the same this time around? The pound started on 1.4593 before dropping to 1.4536 on Monday night. It then rose to 1.4580 by Wednesday evening before falling back to close out the week on 1.4554.
Here the pound went up from 1.5453 to 1.5547 by the time the week was done.
Here too the pound did well, rising from 1.4245 on Monday to 1.4319 by the time the week was over.
Here too the pound did well – it rose from 714.746 to 717.918 as the week drew to a close.
All in all this was another very good performance from the British pound. There were a few blips along the way but on the whole this was a week to celebrate. With more drama going on in the Eurozone it was clear the pound was going to do well here, but it rose against a wide range of other currencies as well. If you were involved in the currency markets last week there were certainly profits to be made if you backed the right horse.
We are now coming up to Easter so we will have a couple of shorter weeks to focus on as the markets close on Good Friday and Easter Monday. However there is still plenty to report and we will make sure you get all the latest news when we have it. We’ll see you next time.