Positive Signs for the British Pound

Posted by Allison on 5 September 2017, 14:47

Welcome to our latest currency news report for the British pound, where we discover just how well it did last week. And we do have some encouraging news to share.

An overview of the currency markets for August 28th – September 1st, 2017

Here we go, then – the British pound began trading on 1.2823 this week against the American dollar, and enjoyed two strong days to start with. This meant it ended on 1.2959 by Tuesday evening. Unfortunately, this was followed by two not-so-good days that wiped out the earlier progress – almost all of it. We were back to 1.2857 by Thursday night. We did manage to slip in one more good exchange rate to close the week, though, and this meant we finished on 1.2945 against the US dollar.

Could we achieve a good result against the euro as well, though? We started Monday morning with a rate of 1.0859, and we had the exact opposite start to the one we’d seen against the dollar. This meant two bad days that took us down to 1.0756 against the euro. Mind you, we then had two good days, so it really was the total opposite. By Thursday night, we were sitting at a better rate of 1.0872. We did dip slightly on Friday, but we managed to finish on 1.0860 – just marginally ahead of the opening rate this week.

A third stop is in store now with the Hong Kong dollar, and we began trading this week on a rate of 10.031. We followed the pattern seen against the US dollar initially, rising over two days to reach 10.140 by Tuesday night. The pattern continued into the next two days as well, as the pound dipped in form to close on 10.060. With one rise left that took us to 10.130 on Friday, we did manage to conclude a reasonably successful week here, at least.

Next, it is time to move on to the New Zealand dollar. It soon became clear the pound would not follow the same pattern here that it had against other dollar currencies so far this week. However, that was not a big concern. We opened trading on 1.7769 and rose to 1.7825 on day one. While we dipped to 1.7786 on Tuesday, we ended up making that the one blip in an otherwise excellent week. The only way was up from then on, and that meant we finished the week on an encouraging rate of 1.8070 this week.

But would we do as well as that against the Australian dollar, too? Here, we opened trading for the week on 1.6201 before rising to 1.6255 on Monday night. We had a dip here on Tuesday, too, taking us back to 1.6254. But then, we followed that up with two much better days, which meant that by Thursday night, the pound stood at 1.6326 against the Aussie currency. Despite a dip to 1.6313 by Friday evening, we still managed to carve out a successful week all told.

 

Notable events in the world of currency

More good news against the Canadian dollar

Here, too, the pound did well last week – rising from 1.6038 to 1.6106 all told.

 

More of the same against the Swiss franc

The good news kept on coming across Europe, too, as the pound rose from 1.2369 last week to 1.2425 by the end of trading on Friday night against the Swiss franc.

 

But a slight drop occurred against the Icelandic krona

There had to be some bad news somewhere, but at least it was kept to a minimal level this week against the Icelandic currency. The pound slipped from 135.746 to 135.720 this time around.

 

So, we had some surprisingly good news to share this week. While it was not good on all counts, there were no major losses, and there were plenty of encouraging signs for the British pound. So, will we have similar news to share next week as well? We shall have to wait and see to know the answer to that one.

 

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