Posted by Allison on 15 February 2011, 03:49
Welcome back to another weekly currency report that will reveal all about what happened on the currency markets between the 7th and 11th of February. Will the currency converter reveal good results or bad this time?
1.6089 was the good result we finished with against the US dollar last time. Could we better it this time around though?
By the end of Monday evening we had improved that to 1.6130, but then it was downhill all the way for the remainder of the week. We gradually slipped back a little day after day until we finished the week against the US dollar on 1.5991.
So would we face a similar situation against the Euro? Our closing rate the week before was 1.1803, and again we managed to improve a little to 1.1901 by Monday night. But then the rot set in again and we slipped back to 1.1764 by Wednesday evening. At least here we were able to improve again to 1.1824 by the time the week was out.
Let’s move on to the Hong Kong dollar now, and the rate of 12.526 we had to begin with. Here too the pattern was an improvement to 12.557 on Monday evening, followed by a slow and steady slide for the rest of the week. We finished up on 12.464 by Friday night.
Moving on swiftly we shall see whether anything happened to bring us a better rate against the New Zealand dollar last time. We were starting on 2.0874 and we soon fell into that familiar pattern, bringing us to 2.0925 on Monday night. But even though we lost some ground on Tuesday we soon picked things back up again here. In fact the rest of the week was quite positive and it led to us delighting in a closing Friday night rate of 2.1129.
So could we replicate that result in nearby Australia as well? Here our starting rate was 1.5823 and we did see a marginal improvement over the course of Monday. And yes, we did achieve some better results during the rest of the week as well. We finished up celebrating an improvement to 1.6015 by Friday night.
The US dollar managed to creep up from 0.7336 to 0.7394 over the course of the week.
… was the Hong Kong dollar. This dollar managed to go from 0.0942 to 0.0948 as the week came to an end.
While the other two currencies managed to do well against the Euro, the Canadian dollar dropped the ball. It slipped back from 0.7436 to 0.7427 during the week.
So it was a mixed week for the British pound and indeed for some of the other major currencies as well. But we did see some good results, most notably against the Kiwi and Australian dollars.
There were plenty of news stories to look at as well, including this one from the Bloomberg website. As you can see, not all currencies had a good time. We often see some of the more obscure currencies having a tough time and the Taiwan dollar isn’t one we talk about very much. It certainly doesn’t seem to be having a good time at the moment.
So what can we expect from the times ahead, especially from the British pound? Well it has certainly been performing better against the US dollar of late, with rates circling around the 1.60 mark. Perhaps these rates will creep up again? It seems like the lower rates of 1.50 and below are gone for a while, but it could be some time before the two dollar pound returns with a vengeance.