Mixed Fortunes for the British Pound
Posted by Allison on 1 June 2015, 12:42
We’re all set to provide you with all the results for this week. Will we have some good results to finish with though? We are about to find out.
An overview of the currency markets for May 25th – May 29th 2015
As the week got underway and we prepared to see what would happen to round off the month of May, the British pound stood at a rate of 1.5640 against the US dollar. Unfortunately we had the worst possible start, dropping to just 1.5379 by Monday evening. We recovered marginally the next day, rising to 1.5397 in the process, but that was as good as the news got all week. Clearly this was not going to be a good week for the British pound – not against the US dollar anyway. Indeed, by the time Friday night rolled around, the British pound had sunk further to 1.5257. This represented a drop of nearly four cents in total.
Could we do better against the euro or was more bad news in store here? Our opening rate was 1.4009 and by Tuesday night we had managed to improve on that, rising to 1.4092 in the process. So this was better at least. We rose again on Wednesday to reach the week-long high point of 1.4144. But then it was downhill all the way and we experienced two very disappointing days. By Friday night the pound had slid down to 1.3908 so we were rather disappointed by the result here too.
Next up we have the Hong Kong dollar to consider. Here the pound began trading on Monday morning at 12.124 and once again Monday saw a drop – this time to 11.922. Tuesday managed to see the pound pull back some of those losses, rising to 11.937 in the process. However the rest of the week was far from encouraging. The pound slid back a little further each day and resulted in us dropping down to an exchange rate of 11.829 by the time Friday night arrived.
Our fourth stop is with the New Zealand dollar. Could the pound do better against this version of the dollar than it had against the other two? Its opening rate was 2.1251 and we didn’t have the best of starts as it soon dropped to 2.1049 by Monday evening. However the worst start turned into a pretty good week all in all. Every day from then on brought good news. In fact by Friday night the pound had regained its losses and gone on to close on a healthy 2.1425.
So could the pound do something similar in Australia too? It began the week on 1.9841 and fell in value on Monday as it had against the New Zealand dollar. Here it ended up closing Monday night on 1.9645. But again it had a run of good days after that, reaching 2.0026 by Thursday evening before dropping slightly to close on 1.9941 by Friday night.
Notable events in the world of currency
A seesaw set-to with the Canadian dollar
A real up-and-down affair with the Canadian dollar led to a loss overall as the pound went from 1.9080 to 1.8984.
A drop against the Swiss franc
Here the pound could not manage to get a good week under its belt. It began on 1.4593 and rose to 1.4612 on Wednesday before dropping to close the week on 1.4382.
Another fall against the Icelandic krona
The pound started the week on 208.017 here before falling to 204.932 to finish the week in poor style.
So it wasn’t exactly a good week in terms of getting good exchange rates to close on. However there were some good results mixed in there in some cases. You just had to look closely to see them. Whether these results will be the main element in next week’s report, well, we shall just have to see. The pound didn’t have the best of weeks this time around so perhaps we are due for a better run of results next time.