Good News in the Offing for the British Pound
Posted by Allison on 16 July 2013, 06:06
As the week began, we were wondering whether the British pound would be celebrating or commiserating at the end of it. Would we have good news to report on or bad news? Let’s find out how the currency performed as the week unfolded.
An overview of the currency markets for July 8th – July 12th 2013
So here we are with another set of results to pore over. As the week started the British pound stood at 1.4970 against the US dollar but this soon fell back to 1.4914 by the end of the day. Things got worse from then on as well, as the pound dropped to 1.4863 by Tuesday evening. It improved from that point on though, as the pound reached 1.4895 on Wednesday before bouncing up to 1.5108 by Friday evening.
Would we experience a similar set of events against the Euro? The opening rate here was 1.1620 and the pound fell back in a similar fashion over the first two days, falling to 1.1560 in the process. The high point came on Wednesday as the pound reached 1.1625, before falling to close out the week on 1.1591.
Let’s move on now and see whether the pound could do any better against the Hong Kong dollar. Our opening rate was 11.607 and once again the first two days were anything but good. The pound fell to 11.529 before we started to see any reasonable results coming our way. The good news was that the second half of the week was measurably better than the first, giving us a closing rate of 11.719 on Friday evening.
Our next stop is the New Zealand dollar, where the pound started the week on 1.9115. This improved to 1.9235 the next day before dropping back to a low of 1.8912 on Wednesday. Again though the second half of the week was better, and by the time Friday evening came around we managed to achieve a fantastic rate of 1.9418 – significantly higher than we’d started the week with.
Finally we have the Australian dollar to look at. Could this give us a similar pattern and rate to the one we’d seen against its Kiwi counterpart? The opening rate was 1.6325 and this fell to 1.6212 by Tuesday evening. It then dropped further to 1.6199 on Wednesday, before recovering to achieve more in the latter half of the week. Indeed by the time the week was over the pound had indeed done well, rising to 1.6733 by Friday night.
Notable events in the world of currency
A slight drop in store against the Canadian dollar
There were a few disappointing results this week for the pound, and this was one of them. The pound fell from 1.5750 to 1.5691 over the course of the five days.
A slight improvement against the Swiss franc
There was good news here though, as the pound made a subtle improvement from 1.4348 to 1.4359.
A small drop against the Icelandic currency
Here there was another drop, albeit a small one, sending the pound from 187.335 to 187.312.
As you can see the week was a good one on the whole, although there were a few stumbling blocks here and there. It will be fascinating to see if this good news manages to spread into another week. So often when we see a good week from the pound it does not manage to go beyond that, stalling instead on mediocre results. We can only hope we don’t have this happening this time, although next week will be the time when we see whether this will be the case or not.
Whatever happens, you can be sure we’ll be here to report back on the latest happenings in the currency markets. Will the British pound manage to buck the usual trend and deliver some more good results next week? We shall be watching. We’ll have all the latest news delivered here when we have it. See you next time.