Posted by Allison on 7 July 2010, 17:37
Welcome back to another currency report exploring the latest developments in the currency markets for the British pound. As always we have been looking at the currency converter to check the latest results and we have them here for you now.
Last time we saw the British pound gain against four out of five of the main currencies, with big gains once more against the New Zealand dollar and the Australian dollar. The only loss was against the Euro, which was troubling since the Euro is still having problems of its own.
But now it’s time to see how the first two days of the new week would fare.
The starting point against the US dollar was 1.5206 and we didn’t get off to the best start here. We dropped back to 1.5143 the following day before regaining some of our losses and finishing on Tuesday night on 1.5164.
So we didn’t see an increase here to start off the week with. But would the story be the same against the Euro as well? Here we were starting on 1.2118 after a loss of around two Euro cents to end the previous week. Could we regain those now?
The first day’s trading saw us fall further to 1.2084 and this went even lower the following day, so we weren’t going to gain anything back to start with this week. Perhaps the closing rate of 1.2055 on Tuesday night will soon rise on Wednesday morning?
Elsewhere the pound also went up against the Hong Kong dollar. We had a good result here to close out the previous week with, but whether we could sustain it through the opening days of this new week was another matter. And in fact we went from 11.850 to 11.795 on Monday night before dropping down further to close Tuesday’s trading on 11.811. Hopefully this will be enough to build on for the rest of the week?
We’ve had a good run against the New Zealand dollar recently, finishing last time on 2.1880. Monday at least managed to continue that trend by upping the ante to 2.1971, but then we fell back slightly to close out Tuesday on 2.1834. At least the loss was only a small one overall, taking us slightly below the point we had started from.
Finally in Australia we had another result to try and do better with. We had finished on a strong note the previous week as we finished Friday night on 1.8012. Could we do better than that though?
There was a miniscule gain on Monday evening as we crawled up to a marginally better 1.8025. But Tuesday night saw a disappointment as we ended up on 1.7827.
So it was a mixed start to the week here.
This was a good start followed by a weak finish in the first two days. The US dollar started on 1.1845 and climbed to 1.1903 before eventually falling to 1.1756 on Tuesday night.
The rate here fell from 0.8232 to 0.8164 as the first two days of trading came to a close.
From a starting rate of 1.1142 things went downhill here as well. By Tuesday evening the Canadian dollar could only muster up 1.1086 to finish the day.
It’s good to read more promising stories about other world currencies from time to time, and one such story popped up on Tuesday this week. This was at http://www.reuters.com/article/idUSN068508120100706, as we found out the Mexican peso had enjoyed a particularly good time of late.
So we’ve had a mixed start to the week which doesn’t necessarily bode well for the rest of the week. Hopefully the pound will recover slightly as it hasn’t really performed too badly; it just hasn’t had the excellent results we have seen it achieve over the last week or so.
We shall be back soon to see whether the remainder of the trading week was better than the start.