January Gets Well Underway on the Currency Markets
Posted by Allison on 23 January 2014, 12:05
Welcome back – it hardly seems like a week since we last had some currency results to share with you. But here we are again and we’ve got some interesting results to reveal.
An overview of the currency markets for January 13th – January 17th 2014
Let’s see how the British pound fared against the US dollar as the week got underway. It began the week on 1.6409 and edged up slightly to 1.6416 by Monday evening. This improved still further to 1.6437 by day two. However it then dropped back over the next couple of days, landing on a lower rate of 1.6339 by Thursday. Fortunately it had a little left to show us by the last day of the week, leading it to land on 1.6441 by Friday evening.
The pound started on a rate of 1.2077 against the Euro, and this too dipped on day one, falling back to 1.2023 in the process. We did see a little movement in the right direction on Tuesday though, as the pound improved to 1.2027. We had a week of slight movements against the US dollar and it seemed as though the same would be the case here as well. Indeed, we saw little of interest until the final day of the week, and the good news was that result went in our favour. The British pound finally closed out the week on a healthy 1.2103.
Over in Hong Kong, the pound started the week worth 12.725 against their dollar. This edged up marginally to 12.730 by the end of day one and we had another good result the following day as it rose to 12.746. Unfortunately the dollar found some strength midweek, pushing the pound back to 12.708 in the process. It fell further to 12.670 on Thursday before finishing in good health again on Friday on 12.751.
Now let’s see how the pound did against the New Zealand dollar. We started on a rate of 1.9960 but this fell immediately to 1.9632 on day one. We saw another drop the following day too, this time taking it to 1.9535. Fortunately for us the pound showed a little fighting spirit on Wednesday as it rose to 1.9609, but this was still a long way off its original starting rate. We did see an increase to 1.9677 on Thursday though before a final push got us back to 1.9901 on Friday.
Perhaps the biggest swings of the week happened against the Australian dollar. The pound started on 1.8435 before falling to 1.8114 on Monday. Then it improved to 1.8268 and further to 1.8384 on the next two days. The pound kept on improving from that moment on, finally ending the week on an encouraging 1.8706.
Notable events in the world of currency
Improvements against the Canadian dollar
There was good news here too as we rose from 1.7846 to 1.8034.
A slight improvement against the Swiss franc too
Here the pound started on 1.4905 and finished on 1.4926.
A drop against the Icelandic krona
There had to be bad news at some point and here it was. The pound started on 192.141 here but fell over the course of the week to close on 189.809.
So it was an interesting week all in all, with some good performances by the pound. However we saw the currency had some considerable challenges across the week as well, making us wonder whether we would achieve anything of note this week at some points. It was one of those mixed weeks where you never know if you will see some good results for the pound.
As usual we shall be back in a week from now to see whether the pound was able to keep up the good news in some areas, and grab it in places where it didn’t perform well this week. Be sure to come back then to read more exchange rates and news about the pound.