Stronger Results for the British Pound This Week
Posted by Allison on 29 November 2016, 15:19
So, how would this week pan out for the British pound, when we’ve had a mix of both good and bad performances recently?
An overview of the currency markets for November 21st – November 25th 2016
Let’s begin in the usual place and see whether the British pound could improve to any extent against the US dollar this week. We began on 1.2328 before edging ahead to 1.2401 on Monday. Tuesday brought good news too, with an exchange rate of 1.2428 by the end of the day – a cent better than Monday’s opener. Even though we had a rockier time for the remainder of the week (two falls and one improvement), we still managed to end up on 1.2434 by the time the week was done.
Would we do as well against the euro though? Our opening rate here was 1.1598, but the pattern was different to the one we had seen against the US dollar. In fact, we achieved far more here, especially at the beginning of the week. We ended up having four excellent days to begin with, each one giving us a good result. So, even though Friday wasn’t great, we had already reached 1.1792 by Thursday night. This meant the drop to 1.1739 on Friday was far from enough to wipe out our good results thus far.
The third stop is with the Hong Kong dollar, so would the pattern here follow that seen against the US dollar? Actually, it would, and it began by opening trading on 9.5629 before moving ahead to 9.6187 on Monday night. Another good day followed, taking us to 9.6392 on Tuesday. We then had the mixed results we’d seen against the American dollar, but we still managed to end on 9.6444 today, which was undoubtedly a good result to have.
With three encouraging results thus far, could we get another two by looking at the New Zealand and Australian dollars in turn? We’ll start with the Kiwi dollar, where the pound finished on 1.7482 last time around. This time, we followed the pattern we’d seen against the euro, with four strong days to begin with. This meant that by Thursday evening, the British pound was sitting at 1.7801 – a significant jump over the course of four days. We did drop back considerably to 1.7656 on Friday, but given the starting point we’d had on Monday, this was still well worth celebrating.
Finally, we should see whether the pound managed to get another good result against the Australian dollar. Things were more uncertain here, but we did start well, moving up from 1.6674 on Monday morning to 1.6825 on Monday night. A couple of poor days followed, taking us to 1.6739, before we edged ahead again on Thursday to 1.6832. Finally, though, we couldn’t get the result we wanted to end the week with. This meant we finished on 1.6705, although we were still ahead of Monday’s opener once more.
Notable events in the world of currency
Things went well against the Canadian dollar as well
Here, we managed to move ahead from 1.6661 to 1.6775 this week, so the pound was getting stronger here as well.
Further improvements were made against the Swiss franc
The pound started on 1.2423 here before improving to 1.2603 by the end of the week.
A slight improvement against the Icelandic krona too
Here, we didn’t have the same improvements we’d seen elsewhere, but we did nudge up from 140.008 to 140.415 this week.
So, it is clear the pound was stronger this week, as this told clearly in a variety of results. Perhaps we can hope for more good news next week, but as we have seen recently, one good week does not in itself make a trend. Hopefully, we can get more good news to share with you next week, but if not, we will still bring you all the facts so you know what could happen next. Make sure you bookmark our site so you don’t miss a thing.