Strong Performances All Round for One Currency This Week
Posted by Allison on 16 February 2015, 12:30
Welcome back to another fresh currency report. We’ve got some major news to share this week, so let’s get started.
An overview of the currency markets for February 9th – February 13th 2015
Here we go then, and to begin with let’s look at the exchange rate between the British pound and the US dollar. We opened the week on 1.5317 and unfortunately fell back to 1.5205 by the end of the day. This didn’t look good but as it turned out it was a case of getting the bad news out of the way first. For the remaining four days of trading the pound consistently climbed against the US dollar. This meant that by Friday we had not only regained our starting position, we had actually improved on it. We ended up putting on around half a cent or more, rising to a closing rate of 1.5377 on Friday night.
Next up is the euro, and here the pound began proceedings on 1.3381. We had a better start here, rising to 1.3486 on the first day before dropping back to 1.3477 on day two. However the momentum was still with the pound as it improved to 1.3557 by Thursday evening. We did drop back a little to 1.3511 by Friday night, but this did not detract from the impressive results we had seen so far on that particular front.
So far then we have two good results for the pound. Could we add a third to the mix? The pound began the week on 11.874 against the Hong Kong dollar, but there was a drop to 11.789 on Monday that made improvements rather uncertain. However the pattern we would see here replicated that of the performance against the US dollar – one bad day followed by four good ones. As such we managed to achieve a better closing rate on Friday night than we had started the week with. We finished on a healthier 11.925 as a result.
You never quite know where things are going to go with the New Zealand or Australian dollars, but we’ll check on the progress we’ve seen against these two currencies now. We opened the week on 2.0626 against the Kiwi dollar before losing a little ground on Monday and falling to 2.0203 as a result. We then saw one of those big changes over the next three days, which meant we rose to 2.0841 by Thursday night. We couldn’t quite hang onto those major achievements for the entire day, so we ended up falling back to 2.0689 by the end of the week, although this was still an improvement overall.
Finally we’ll see if we achieved something similar against the Australian dollar. Our opening rate here was 1.9499 and we didn’t do well on Monday, falling to 1.9460 as a result. However three good days then followed just as they had against the Kiwi dollar. This meant we finished Thursday evening on 2.0012. We fell back to 1.9847 by Friday night but this was still a pretty good outcome for the week as a whole.
Notable events in the world of currency
More good news against the Canadian dollar
The pound rose from 1.9063 to 1.9233 over the course of the week, so we notched up another good result here.
Another major rise against the Swiss franc
Things have been newsworthy with the Swiss franc for a while now, but this week the British pound did well anyway. We started on 1.4096 and ended the week on 1.4289.
A smaller rise against the Icelandic krona
Here we didn’t rise so strongly but the pound still went from 201.037 to 201.953 against the krona last week.
So all in all it was a memorable week on the currency markets – and for good reasons as far as the British pound was concerned. We can but hope to achieve more of the same next week, but we will have to wait and see. Maybe we can achieve better results still?