Summary of Currency Markets for June 6th – June 10th 2011
Posted by Allison on 13 June 2011, 16:22
The pound didn’t perform terrifically well the last time we caught up with it. So how well did it do during the first full week in June? We’ve been looking at the currency converter to find out the answer to that very question.
An overview of the currency markets for June 6th – June 10th 2011
The British pound slipped a little against the US dollar last time, leaving it on 1.6324 in the process. Could we push that a little higher again now?
It would turn out to be a choppy week here, with the highest rate being 1.6431. This rate wasn’t achieved on the Friday though. Instead it came a little earlier and the final rate of the week turned out to be 1.6305.
As far as the Euro was concerned it too was in a better position than the British pound. Last time we dropped a significant amount to 1.1267, and this time around it looked for a moment as if we would drop even further. But luckily we recovered from the 1.11 territory we briefly fell into, leaving us on a rate of 1.1256 at the end of the week.
Let’s move on and see how we did against the Hong Kong dollar now. Last time we finished on a rate of 12.697 and here again we would have our ups and downs. We climbed to a high of 12.784 before dropping back to finish on 12.690 on Friday night. So there was only a small difference here, even if it was a loss.
Moving on to the New Zealand dollar now, where we last left things on 2.0123. The unfortunate fact was that this would be the biggest rate we would have, because everything was going to go downhill from here on. We dipped below the 2.00 rate a couple of times before the week was over, but by the end we were on just 1.9733.
Finally let’s see whether the picture in Australia was similar to the one we were getting everywhere else. The opening rate was 1.5314 and we did manage to reach a high of 1.5505 overall. But this was on Thursday night, and Friday finished on a rate of 1.5357.
So we can see this was far from being a perfect week.
Notable events in the world of currency
New Zealand dollar climbs against the Aussie dollar
The Kiwi dollar did well last week, climbing from 0.7610 to 0.7782 as the week went on.
US dollar dips then recovers against the Euro
There was some downward movement against the Euro here last week, moving from 0.6902 downwards before recovering to 0.6903.
Canadian dollar improves slightly against the Swiss franc
There was a slight improvement here as the Canadian dollar went from 0.8603 to 0.8660 over the trading week.
We’ve seen a lot of news stories recently regarding the weakness of the pound, particularly against the Euro. This one from Reuters is much like all the rest, indicating that the pound has seen better days. The question now is when and whether the pound will be able to improve its standing at some point so that it can be in a better position than it has been for some time. By the sounds of it we shall have to wait a while longer to see any really good and positive results.
Hopefully the pound will start to see some light at the end of the tunnel soon. It has been performing rather badly for some time now, and it would be nice to see a stronger pound in the overall scheme of things. However we can but hope that this will happen, with lots to think about and consider with regard to the pattern of the market, and which currencies are stronger than others.
We shall be watching to find out what happens during the next week.