How Would September End for the British Pound?
Posted by Allison on 2 October 2012, 13:35
If you remember last week’s performance by the British pound you’ll know it managed to do well against all the major currencies. But would the story be the same this time around? We have all the answers here so let’s see what happened.
An overview of the currency markets for September 24th – September 28th 2012
When the week opened the pound was worth 1.6261 against the US dollar. However the first day didn’t produce the good start we were hoping for. Instead the pound dropped to 1.6209. In fact while we managed a couple of reasonable days it was downhill for most of the way this week, reducing us to 1.6201 against the dollar by the close of play on Friday night.
So would we have a similar story against the Euro? Here we began on 1.2520 and fortunately improved to 1.2550 by Monday night. In fact as it turned out we would be on the up every day up to Thursday, when we reached a height of 1.2596. Unfortunately Friday’s performance let us down, returning us to a rate of 1.2530, although this was still marginally better than we’d started the week on.
Our third stop is with the Hong Kong dollar, where the pound was worth 12.605 as the markets opened on Monday morning. The dollar proved the stronger currency on Monday as it pushed the pound back to 12.566, and in fact the pound never regained the 12.600 territory it had started from. It reached the lowest rate of the week on Wednesday, before recovering somewhat to close out Friday evening on 12.562.
Let’s see how the pound did against the New Zealand dollar now, where we start with a rate of 1.9532. This improved considerably to 1.9756 by Monday evening, although it dropped back to 1.9691 by the following day. Although the pound managed to get back to 1.9719 by Wednesday evening, this would be the highest rate it achieved from that point on. By Friday night the pound had fallen back to 1.9467.
Finally let’s move on to Australia, where the pound had closed the previous week on 1.5481. An early improvement to 1.5581 by Monday night was good news, but could it hang onto it? The high point of the week came on Wednesday with a rate of 1.5625, and although it fell back from then on it still managed to finish on a better rate of 1.5532.
Notable events in the world of currency
A small improvement for the pound against the Canadian dollar
The pound started the week on 1.5843 and finished it slightly better off on 1.5893 – a half cent improvement.
Good news followed by bad for the pound versus the Swiss franc
Here the pound started on 1.5162 and rose to 1.5221 on Thursday before falling back to 1.5160 a day later.
Another slight improvement – this time against the Icelandic krona
A dramatic week here started on 200.211 before the pound climbed to 202.060 on Thursday. It then fell back to 200.325 on Friday evening.
There were plenty of news stories hitting the headlines this week, but this roundup from Bloomberg was particularly interesting to read. It covered several currencies and pointed to the performance of the Euro and the US dollar among others.
So it has been an interesting week for the British pound as we come to the end of another month. Next week we shall focus in on the first five days of trading in October; will it be a good report or a less than positive one? We shall have to wait and see.
Until then it is wise to focus on the good results we have enjoyed over the past couple of weeks. Even though this week was not as positive as last, it still brought us several good results to be proud of. One wonders where we will go from here.