Summary of Currency Markets for June 13th – June 17th 2011
Posted by Allison on 20 June 2011, 12:15
It seems to have been a long time since we had some good results on the currency converter. Perhaps this week we shall be able to bring you some better results. But there is only one way we’ll know, and that’s to get on with the details.
An overview of the currency markets for June 13th – June 17th 2011
Last time the pound managed to close out the week on 1.6305 against the US dollar. But where would things go this time around? Unfortunately it peaked too soon on Tuesday for this new week, bringing it up to 1.6399. From this point on it went downhill and by the end of the week the pound could only manage 1.6168.
But where would we stand against the European single currency? Would we manage to get a better result here? The opening rate was 1.1256 and amazingly enough by Thursday we were looking at a rate of 1.1424 instead. This was a big success, but could we hold onto it for another day? The answer may have been no as it turned out, but we did at least manage to do better over the whole week, finishing on 1.1330 as a result.
Onto the Hong Kong dollar now, where we last left things on 12.690. Once again things were on the up to begin with, launching the pound up to 12.764 by Tuesday evening. Unfortunately it had once again peaked too soon, and by the close of play on Friday it had slid back to 12.604. However it was still better than it had started the week, so that at least was good news.
As far as the New Zealand dollar was concerned, the pound had a rate of 1.9733 to start with. It climbed to 2.0071 the next day and then had a rocky few days before reaching 2.0166 on Thursday. It slipped back to 1.9997 on Friday but it was still a good overall fight for the pound.
Finally let’s take a fresh look at the Australian dollar. Here we were starting from 1.5357 and unfortunately we peaked way too soon over the week, landing on 1.5425 on Monday night. After a few peaks and troughs we finished up on 1.5227 by Friday evening.
Notable events in the world of currency
The pound drops against the Bermudan dollar
The pound suffered elsewhere during the week as well, falling from 1.6316 to 1.6164 overall.
Only a slight difference against the Canadian dollar
It did a little better stalling the losses against the Canadian dollar though, falling from 1.5843 to 1.5824 over the week as a whole.
Another marginal loss against the Swiss franc
Some changes elsewhere were small as well, such as this one where the pound fell from 1.3721 to 1.3712.
So there were some encouraging results for the pound this week, even though they were very small ones. But at least it wasn’t a blanket array of bad results for a change.
The pound did reasonably well against the Euro last week, and perhaps we can see why if we read a certain news story from Bloomberg. The situation in Greece has had a lot to do with the falling Euro of late, and this is shown in the result the pound has managed to garner.
It is too early to tell whether the overall situation will continue, with the pound nipping away at the currency to get a much better rate against it. But the Euro is certainly not in a particularly strong position at the moment. Hopefully then we can make the most of it and ensure the pound is doing better than it might be otherwise.
Needless to say we shall be keeping a close eye on how the pound performs against all the currencies and not just the Euro. We’ll have more to report at the same time next week.