One Standout Result Among Five for the British Pound
Posted by Allison on 5 January 2015, 15:22
Welcome back to another selection of results for the British pound. If you’ve been watching the markets you may already know what happened, but if not, we’ve got the results here.
An overview of the currency markets for December 15th – December 19th 2014
In the run-up to the festive season all eyes were still firmly on the performance of the British pound on the currency markets. The pound began the week on 1.5709 against the US dollar but it dropped back to 1.5657 by Monday night. Fortunately it regained its ground (and then some) on Tuesday, closing on 1.5740 as a result. However we then saw a couple more disappointments on following days, before the pound picked things up again on Friday to stall further losses. This meant we ended up with a closing rate of 1.5648 on Friday.
You never know what to expect against any currency but this is particularly true against the euro oftentimes. Our starting point here is at 1.2618 and the first two days of the week saw falls, sending the pound back to 1.2554. Fortunately this was not the way the entire week would turn out. Instead we had some great news because the pound closed things out on 1.2743 by Friday evening.
So it’s onto the third stop of the day now, which is the Hong Kong dollar. Could we achieve anything of note here? The opening rate was 12.178 and this dipped on day one, before climbing to 12.204 the following day. Indeed, the pattern seen here pretty much followed the pattern we had already seen occur elsewhere this week. This was borne out by a drop throughout the next two days before the pound recouped a small amount of losses at the end of the week. This resulted in a closing rate of 12.136 on Friday.
Everything was following something of a pattern thus far. Would this continue with the New Zealand dollar as well? We opened with 2.0121 here and the pound did well to rise to 2.0239 by the end of day one. This pattern was repeated over the next couple of days too, so things did depart from the logic we’d seen elsewhere. Unfortunately the last couple of days saw a drop for the pound against the New Zealand dollar. This meant instead of finishing on a high we ended up closing Friday evening on 2.0121.
Finally it is the turn of the Australian dollar to go up against the British pound. Could we achieve anything here we would remember for the right reasons? Our opening rate was 1.8998 and this improved over the first three days, which was definitely good news. This meant that by Wednesday evening the pound was on 1.9166. We did see a drop then that took us back to 1.9078 before Friday turned up another good result. We closed out the week on 1.9130 as a result – a good outcome.
Notable events in the world of currency
A drop against the Canadian currency
Not all drops are huge, a point proven by this result. The pound fell from 1.8191 to 1.8145 over the course of the week.
A good result against the Swiss franc
Here at least the pound did well, climbing from 1.5154 on Monday morning to 1.5342 by Friday night.
An excellent result against the Icelandic krona
We have saved the best for last here, since the pound soared from 194.211 to 197.949 against the krona.
Clearly this was a mixed week, with some rather uninteresting results to be seen against some currencies. Here and there however there were some much better results – ones that we will hope can be repeated next week.
This is the final week before the festive season so we shall be heading into a couple of shorter weeks on the currency markets from now on. However we shall still have all the relevant results for you as soon as we get them, so you can see how the final days of the year pan out.