One Surprise Result Among the Rest for the Pound
Posted by Allison on 3 November 2015, 11:36
It’s a brand new week and the British pound is ready to go up against a variety of major world currencies. It was going to do particularly well against one of them, but which one would it be?
An overview of the currency markets for October 26th – October 30th 2015
Let’s start then with the question of whether the British pound could finish in a stronger position against the US dollar than it would start in. It opened on 1.5404 and promptly slid to 1.5327 on day one. That didn’t exactly bode well for the week, as it meant the pound was already fighting to try and catch up. While we did see a better result on Tuesday, we then had another couple of days’ worth of bad news to come afterwards. This meant we were down to 1.5250 by Thursday evening. We did a little better come Friday, but by then we had too much to catch up on. We only managed to creep up to 1.5339 by Friday night.
So could we do any better against the euro? Here we got started on Monday morning with a rate of 1.3897 and we did better here to start with, rising to 1.3919 by Monday night. We then had a couple of disappointing days, taking us to 1.3796 by Wednesday night. What would happen over the two remaining days this week? The answer was a mix of good and bad news. The pound rose to 1.3952 on Thursday evening before dropping back to 1.3923 on Friday night. This was enough, however, to beat the opening rate we’d seen on Monday morning.
Our third stop is with the Hong Kong dollar. The pound opened proceedings on 11.938 here before dropping to 11.878 on Monday night. Again we would see a mix of ups and downs throughout the entire week, making us very uncertain as to where we would end up by the time Friday night rolled around. We’d dropped to 11.819 on Thursday evening, and although Friday was a little better on 11.888, this wasn’t enough to regain the opening rate we’d had on Monday morning.
Next up is New Zealand, where the pound began on 2.2661 against their dollar currency. The first two days didn’t go our way, taking the pound down to 2.2540 by Tuesday evening as a result. However the next two days were better, and the pound regained those losses and rose to 2.2826 as well. We dropped back a little on Friday as the pound slipped to 2.2791, but this was still better than we’d started with back on Monday, so it was a good week all in all.
Finally let’s see whether the pound could manage some good results against the Australian dollar. It opened on 2.1193 before dipping to close on 2.1133 on Monday night. However from that dreadful start came a much better outcome, as the remaining four days of the week went very well indeed. By the time Friday night rolled around, the pound was on 2.1643 – significantly higher than it had opened the week on.
Notable events in the world of currency
Good news against the Canadian dollar as well
The pound managed to have a reasonably good week against the Canadian dollar too. It rose from 2.0127 to 2.0210 by the time trading was over.
Another good result against the Swiss franc
Here too the pound was able to do well this week. It began trading on 1.4999 before heading up to finish Friday evening on 1.5176.
A marginal improvement against the Icelandic krona as well
The pound also managed to get a reasonable result against this currency. From a starting point of 196.509, it managed to finish slightly higher on 196.977.
So you can see that while the week had its ups and downs, there were some good results to be found in there too. Will the pound manage to improve on that performance next week though? We’ll soon find out for certain.