Summary Of Currency Markets For February 28th – March 4th 2011

Posted by Allison on 7 March 2011, 11:10

It hardly seems like a week since we last saw what was happening on the currency converter. But here we are again with the latest news on the British pound and how it is doing. Let’s see what happened last week.

An overview of the currency markets for February 28th – March 4th 2011

We lost ground against the US dollar last time, finally finishing the week off on 1.6090. Could we improve on that now?

The first day of the new week was the last day of February, and it brought good news as the pound fairly soared to 1.6221. The high point of the week came two days later as the pound peaked at 1.6288. But even though it then took a dip over the last two days, it still finished up on 1.6265 at the end of the week.

But would it be good news for the pound against the Euro as well? Here we last saw the pound on 1.1691. It did have a similarly good start to the week though, as it finished on 1.1726 on day one of the week. Here again the pattern throughout the week followed that of the US dollar too, as the pound peaked with 1.1795 on Wednesday. The slide afterwards was more prolonged here though, as the currency fell back to 1.1654 by Friday night.

Next it is the turn of the Hong Kong dollar. The pattern held true too as the pound started on 12.539 and moved up to 12.689 by Wednesday evening. The fall after that though was not enough to lead to an overall loss against the currency. The pound finished up on 12.670 by the end of the week.

But there was a bigger improvement against the New Zealand dollar, pushed in part perhaps by the earthquake that hit Christchurch. The pound opened the week on 2.1439 and was standing at 2.1658 on Tuesday night. Just twenty four hours later it had improved to 2.1979. After a drop the following day it then shot up to close out the week on 2.2102.

Finally we have Australia, where the pound last ended the week on 1.5873. Here too there was a noticeable overall climb during the week, as the pound improved to stand at 1.6063 on Wednesday night. It dipped back a little the following day before being able to finish the week on 1.6072 on Friday night.

All in all it was a pretty good week for the British pound against these five currencies.

Notable events in the world of currency

A climb through choppy waters for the pound versus the Canadian dollar

It was an interesting journey, but eventually the pound moved from its starting point of 1.5768 to finish the week on 1.5820.


The pound does well against the Swiss franc too

There were one or two rocky points during the week but the pound saved the best for last and successfully went from 1.4964 to finish on 1.5150 against this currency.


But it was a strange week against the Icelandic currency

Here we began on 186.963 and rose to 188.549 midweek, before gently falling back to 186.899. So it was a loss all in all here.


The ups and downs of the pound were never clearer to see than in some of the reports coming from Reuters this week. It seemed as if it was having a bad time against the Euro all in all, so even when we see a good result it doesn’t always turn out to be so in the overall picture.

Overall though we must be quite pleased with the results the pound has produced this week. If we can keep up some reasonable results it will give us some good news to report. Although, as we have seen, it is not always easy to find good results all the time.

 

Comment

  1. It sounds like we have had a good week for the pound so far. But I do wonder whether it will continue in such a good vein. We are very dependent on the various events going on at the moment, or so it seems. Hopefully we can see better results to come but I highly doubt it, at least where the pound is concerned. I will be reading the next report with interest to see what happens.

    — CShort · Mar 14, 01:32 PM · #

  2. Looks like the person above had things just right, since we have seen some poor results from the pound lately. It does make me less interested in what is going on I’m afraid, as it is always going in one direction or another. There might be big waves every now and then but the ups and downs are natural, surely? I don’t know that much about the markets but it seems natural to me.

    — Kate · Apr 26, 11:54 AM · #