Some Good Some Bad – The Story of This Week
Posted by Allison on 14 April 2014, 13:31
It’s that time again to find out where the British pound stood as the world currencies jostled for position on the currency markets. Find out more from our latest report below.
An overview of the currency markets for April 7th – April 11th 2014
As we got started this time around, the British pound stood at 1.6571 against the US dollar. There was a marginal increase on Monday that took it to 1.6591 but it was Wednesday that really got us a good result. We ended the day on 1.6711 and there was more good news to come as well. By Thursday the pound stood at 1.6763 and even though it fell back to close Friday night on 1.6731, this was still a lot better than the rate we’d started Monday morning on.
Could we have an equally good result elsewhere this week? Well, we started on 1.2096 against the Euro and dropped here to start with, falling to 1.2090 on Monday night. We then improved to 1.2132 and reached 1.2139 by Wednesday evening. Unfortunately this would be as good as we could do, because by Friday night the exchange rate was back down to 1.2061 again.
As the week began against the Hong Kong dollar, the pound started on 12.855. We had a good start here too, rising to 12.867 by the end of the day. This got better still by Tuesday evening as the pound reached 12.959. Indeed we had four good days all in all in one fell swoop, taking us to 12.997 on Thursday evening. The setback came on Friday, but at least we only dropped to 12.974 here, so we were still up on the starting rate we’d seen earlier in the week.
Over in New Zealand the pound started on 1.9384 against their dollar. Unfortunately we didn’t experience the same great results we had seen elsewhere. This meant we had more days of disappointment than anything else. The lowest rate came on Tuesday, at 1.9273, but the highest rate was the one we started on. This meant the closing rate of 1.9301 on Friday was not as good as our starting position had been.
Finally we have the Australian dollar to look at. We were hoping for a good result here but it so often mirrors the experience we have against the Kiwi dollar. Our starting rate was 1.7914 and soon enough it started dipping, even though we put on a little on day one. By the time the end of the week came around we knew we were not going to achieve much of note. Instead we ended up on 1.7816, so at least we hadn’t lost a huge amount of ground.
Notable events in the world of currency
A little improvement against the Canadian dollar
There was good news here as the pound went from 1.8265 to 1.8352 over the course of the week.
Not so good against the Swiss franc though
We couldn’t have good news from every region and we certainly didn’t do well here. The pound started on 1.4799 against the Swiss franc and finished lower down on 1.4667.
Another slight drop against the Icelandic krona
Here too the pound struggled to get ahead. It began on 187.701 and ended up marginally lower on 197.292.
We have seen worse weeks on the currency markets for the British pound; this week could certainly have been much worse than it was. Fortunately the losses were not hugely significant so perhaps next week we can report back on some healthier gains for the British currency.
Of course anything can happen within the space of a few days so if you want to find out what happens next you merely have to come back here next week to find out the answers. Perhaps the British pound will jump in value; alternatively it could lose more ground. You just never know when it comes to the currency markets – and that’s why we’re here to report on the results.