Summary Of Currency Markets For March 21st – March 25th 2011
Posted by Allison on 4 April 2011, 11:13
We’re back with more currency results for you this week, starting with a look at how the British pound performed on the currency converter between the dates given above. Was it a good or a bad time? Let’s find out.
An overview of the currency markets for March 21st – March 25th 2011
The last time we looked at the pound and how it was doing against the US dollar, we saw an exchange rate of 1.6170. We got a healthy boost early on in the new week, with a jump up to 1.6375. However after that good start we gradually slipped back all the way to 1.6079 by the close of the week.
So could we perform any better against the Euro? Here we were starting from 1.1444, and we had a similarly good start to the week as well. This saw the pound ending with a rate of 1.1523. But once again it was downhill all the way from there on in, and we finished off the week on 1.1392.
So we had two disappointing results so far. How would we cope when we went up against the Hong Kong dollar?
Our opening rate here was 12.615 but it didn’t take long for the same pattern to become evident. The closing rate on Tuesday night was 12.763 but by the time the week was out we had closed on 12.533. This was becoming all too familiar.
We were by now expecting bad things elsewhere as well, and the opening rate of 2.2240 against the New Zealand dollar looked to be going down pretty soon too. We were correct unfortunately, as the exchange rate slipped throughout the week. But we were perhaps not expecting a drop as far as the one we got – where the pound finished up on a lowly 2.1359 by the end of the week.
The only question remaining now was whether the pound could do better against the Australian dollar. Would it succeed or would it remain the same?
The opening rate here was 1.6296 but once again things went steadily downhill all week. There was no point at which the pound did well, and it finally finished up on 1.5729 when the week came to a forgettable end.
Notable events in the world of currency
A similar drop for the pound against the Canadian dollar
From a rate of 1.5900 we fell sharply against the Canadian currency as well, landing us on a lower 1.5696 by Friday evening.
Another drop against the Chinese currency
Yes it was all bad news last time around, with the British pound falling from 10.622 to 10.548 over the course of the week.
Slightly better news versus the Swiss franc
There was at least a small modicum of good news last time, when the pound climbed from 1.4600 to 1.4712 against the Swiss franc over the course of the week.
Perhaps it is not surprising given the above results that the news websites were keen to report on the state of the pound at various points. This particular news report illustrated how weak the currency was when it came to going head to head with the Euro. Perhaps we can hope for better results next week, although given this week’s results it would seem that we would need some more time to grab back all our losses.
We do have weeks where the pound suffers more than others though. This was obviously one of them. It is always disappointing when the currency falls right across the board, although we do have that good result against the Swiss franc to hold onto. We’d prefer to see more good results like that though, instead of picking out just one of a whole array of results.
We shall be looking closely next week to see whether we get better news to share with you all.