Rises, Falls and a Few Currency Surprises
Posted by Allison on 16 June 2014, 16:32
An intriguing start it is to this week’s currency report. Where will it leave us? Let’s get some answers now as we dive into the results for this week.
An overview of the currency markets for June 9th – June 13th 2014
As the week began the British pound brought a rate of 1.6825 to the table against the US dollar. Within a few hours this had dropped to 1.6803 and by the next day it had fallen further to 1.6776. Fortunately this would be the lowest the pound would go this week, as after that things started to improve. In fact by the time we reached the close of trading on Friday, the pound stood at a much healthier 1.6962 against the US dollar.
The question now was if the pound would do much the same against the Euro. The opening rate was 1.2333 and this improved right from the start to 1.2347. However, although it was a fall followed by a rise against the dollar, it was nothing but improvements in this part of the world. By the time we reached Friday night we ended up with a closing rate of 1.2532. Nothing but good news here.
Let’s see then whether we could achieve anything much against the Hong Kong dollar as well. The starting rate here was 13.044 and to begin with we followed the pattern we’d seen against the US dollar, falling over the first couple of days from 13.044 to 13.004 by Tuesday evening. Then we did much better, and by the end of the week the British pound stood at 13.148 – higher than it had been on Monday.
So where will we go against the New Zealand dollar? We opened on 1.9744 here and spent the first few days falling steadily unfortunately. These led to a closing rate of 1.9394 by Thursday night – registering a drop of three and a half cents in that time. Even though we added some back on before the week closed (nearly two cents to be exact) it wasn’t enough to ensure we could do well over the week as a whole.
Finally we have our last stop to go to – namely that of the Australian dollar. The pound opened on 1.8022 here and once again the first few days were all about losses for the currency. The low point came on Wednesday when we dipped as low as 1.7867. Fortunately that still left us with two days to go to be able to rise as far as we could go. As it turned out we achieved a lot in those two days, rising to a closing rate on Friday night of 1.8064. This was better than we’d started with as well.
Notable events in the world of currency
A slight improvement against the Canadian dollar
There was reason to be cheerful here as the pound started on 1.8379 and managed to improve its standing to 1.8402.
Another good result against the Swiss franc
Here too we were able to report back with some good results. The week opened with a rate of 1.5028 and by the time we finished on Friday night we closed on 1.5262.
A much healthier result against the Icelandic krona
This was definitely one of the highlights of the week. The pound began on 190.770 and closed up on 193.691 five days later.
As you can see there were some great results to celebrate last week. Even though the pound started poorly in some areas it managed to regain some ground in many of them. We ended up with some positive outcomes in most areas as well, so it was a superb week in many ways.
We shall be back next week to see whether the pound can achieve more and carry on the pattern it already has. Perhaps we can come back next week and report on another good set of results, but only time will tell whether this is the case.