Summary of Currency Markets for August 29th – September 2nd 2011
Posted by Allison on 5 September 2011, 09:57
Here we are again with another chance to take a look at what has been happening on the currency markets over the past week. Has there been good news or bad for the British pound on the currency converter? Let’s find out.
An overview of the currency markets for August 29th – September 2nd 2011
Last time we caught up with the pound against the US dollar it was garnering an exchange rate of 1.6261. This immediately improved to close out the first day of the new week on 1.6376. But this would turn out to be a topsy turvy week, and although it achieved another high point of 1.6316 on the 31st, it closed out the week on 1.6219.
Let’s move on then and see whether the pound did any better against the Euro. Could we take advantage of the shaky situation in Europe and get a good exchange rate here?
The starting rate was 1.1291 and once again we saw an immediate improvement, this time to 1.1304. We dropped back to 1.12981 to close out the month of August, but September started in good shape as we rose once more to finish the week on 1.1377.
Next it was the turn of the Hong Kong dollar to try and quell the pound. Our starting rate for the British pound was 12.679. We saw the same pattern occurring here too as we got a good start to the week with an increase on Monday night to 12.765. But unfortunately that was going to be the best that we could do for the entire week. We managed to close out on a disappointing 12.630 as a result. Perhaps we can improve again next time?
Next it’s time to check out the pound against the New Zealand dollar, where we last left things on 1.9490. However if we were hoping we would inch closer to the two dollar mark we were going to be disappointed. Instead we ended up sliding down over the course of the week, with no good news anywhere in sight. Our closing rate was a disappointing 1.9043.
Finally let’s check out the pound versus the Australian dollar, where our closing rate of the week before was 1.5499. Unfortunately the pattern of having a similar result against the Aussie dollar as we do against the New Zealand dollar was there to be seen this week. We finally closed things out on 1.5164.
Notable events in the world of currency
Poor news against the Canadian dollar too
There was little to celebrate for the pound last week as we sank from 1.6079 to 1.5865 against the Canadian dollar.
More bad news against the Swiss franc
There was nothing to celebrate here either as the initial rate of 1.2937 dipped down to 1.2665 by the end of the week.
Slight drop against the Icelandic krona as well
To cap things off we fell from 185.313 to 185.266 against the Icelandic krona. At least the losses here could have been worse.
You will need to sign up for free to read articles at FT.com, but it is worth doing so. This week saw more news regarding the fears over the imminent demise of the Eurozone. The Euro itself is struggling but the wider fears have affected other trading areas as well, as this story tells.
Thanks to the situation in the Eurozone at the moment, the main topic of discussion in various news reports and articles is whether the Euro itself will survive. It is impossible to say what will happen but the overall trend does not look good. Perhaps we shall be writing an article soon that reports on how the Euro met its end – or are we simply jumping the gun?
It remains to be seen where this news story leads, but we shall certainly be keeping an eye on things in the weeks to come.