Posted by Allison on 14 July 2010, 11:44
It’s time once again to evaluate the movements on the currency markets at the start of another week. If you have been using your currency converter to see how well the pound has been doing in recent days, you may already know some of the figures we are shortly going to give you.
Last week we saw a disappointing end to trading, with the pound losing ground against every single one of the five major currencies we look at in each report. Perhaps this will set us up for a good result now though, as we focus on making sure we achieve the best possible exchange rate.
Let’s see what happened, shall we?
So another week begins and we start by checking whether the pound could improve its situation against the US dollar. The opening rate on Monday morning was 1.5116 but by the time the evening rolled around we had already lost some ground, leaving us on 1.5032.
Fortunately the British pound rallied on Tuesday, moving up to a closing figure of 1.5110.
With that in mind let’s see whether we would have a similar result against the Euro. The opening rate here was 1.1961 but by Monday night we had experienced the same fall as we had against the dollar, finishing on 1.1957 at the end of the day.
Tuesday was better though and we finally managed to snag a rate of 1.2022 by the close of play. So here at least we were doing better.
Next up we have the Hong Kong dollar, where we last left things on 11.756. We were expecting a drop on day one now and that is exactly what we got – closing on 11.688 all in all. But once again we had better news the following day as we closed on 11.747 on Tuesday evening.
Moving on, we now have the New Zealand dollar to check on, as we see if we can get back some of the losses from last week. The opening rate on Monday morning was 2.1356 but we immediately dropped down to 2.1197 by the close of play. We managed to claw some back the following day though, ending on 2.1208 all in all.
Finally there is the Australian dollar. 1.7287 is the starting place here and as with the New Zealand dollar we experienced a drop – albeit not as bad though – on day one. This left us on 1.7216 on Monday night, before we rallied to 1.7234 on Tuesday.
So it was a mixed week with very few good results to pick out.
An interesting currency to look at, but the pound fell from 5.8493 on Monday morning to 5.8266 on Tuesday night.
The pound was clearly not having the best week to start off with at least. The opening rate against the Mauritius rupee was 47.032 but by Tuesday evening this had eroded somewhat to 46.992.
There was limited good news for the pound against the South African currency though. Here it managed to change an opening rate of 11.445 on Monday morning to 11.444 on Tuesday night.
We do not always focus in on lesser known currencies in this report, but sometimes it can be good to do just that.
Our news link this time around comes from the Bloomberg website, where the Korean won has made gains thanks to good news coming out of Singapore. You can read the full story here.
So it has not been a good start to the week for the British pound. After a good report or two recently, we have now seen two disappointing ones in a row. Perhaps we can hope for better in the second half of this week?
Whatever happens we can expect to find more drama and intrigue as we check the next set of figures in a few days from now. We will be back then to tell you what happens.