Summary Of Currency Markets For December 6th – December 10th 2010
Posted by Allison on 13 December 2010, 10:45
If you have been watching the conversions on the currency converter of late, you will know they have made very interesting reading. So let’s get started and see how the first full week in December panned out.
An overview of the currency markets for December 6th – December 10th 2010
We didn’t do that well against the US dollar last time around, finishing on 1.5620 at the end of the day. But we saw a slight improvement on day one of the new week, with the British pound climbing back to 1.5675. Could we improve on it though?
Indeed we could came the answer, and indeed we only saw a couple of marginal drops during the week. By the time the week was over we were in a much better position - 1.5820 was the final exchange rate for the pound against the US dollar.
So could we do just as well against the Euro too? The last rate from the previous week here was 1.1792, and a healthy jump up to 1.1803 occurred first of all the following week. But would we continue to do as well as we had against the US dollar?
The answer was positive once again and we managed to finish the week with a flourish on 1.1945, giving the Euro something to think about as it went into the weekend.
Next up we have the Hong Kong dollar, and we finished on 12.128 the last time around. But here too things seemed to be moving in a positive direction as we finished the day on 12.171 on Monday. The pattern of doing well on the whole, with just a couple of marginal losses here and there during the week, was followed here as well. So we ended up with a closing rate of 12.299 here.
The New Zealand dollar is next, and here the pound last finished on 2.0659. We have had some poor losses against this currency recently so a better performance would definitely make us more confident. We got just that too, as we climbed from 2.0609 on Tuesday night to 2.1070 on Wednesday night. The high point of the week came a day later on 2.1128 but then we closed out Friday night on a still respectable 2.1057.
Finally we have the Australian dollar to look at, and here we were hoping we could make it five out of five and get a whole line of great results for the week. We started off on 1.5929 and the high point of the week was on the 8th, as the rate went up to 1.6110. But we slipped a little and ended up closing the week on 1.6005 – still better off than we had started on though.
Notable events in the world of currency
US dollar drops a little against the Aussie dollar
The US dollar went from 1.0197 to 1.0117 last week, showing a slight weakness in the exchange rate.
Euro has strange week against the Kiwi dollar
The Euro couldn’t decide where it was going last week, going up and down on almost a daily basis against the Kiwi dollar. It went from 0.0802 to 0.0806 over the course of the week on the whole.
Canadian dollar drops against Swiss franc
Here we saw bad news for the Canadian dollar, dropping from 0.9905 on Sunday night to 0.9721 by the end of the week. Perhaps it will improve on a new week?
So there we are for another week, and at last it was an almost faultless one for the British pound. Let’s hope it continues.
The positive news surrounding the pound last week was shown across many currency news stories on other major sites. Reuters had this story towards the end of the week, showing how the pound had experienced a good performance against the Euro in particular.
But will it continue?