Summary of Currency Markets for March 26th – March 30th 2012
Posted by Allison on 2 April 2012, 14:15
We’re back once again to see whether the British pound could build on the slightly better results it has been getting recently. Could the currency converter reveal a nice set of positive results again this week? Let’s see what happened, shall we?
An overview of the currency markets for March 26th – March 30th 2012
The last time we left the British pound it was holding a rate of 1.5834 against the US dollar. By the time Monday night rolled around the pound was slightly better off on 1.5895. But would this pattern continue?
It went higher to 1.5950 by Tuesday night but then it slipped back slightly into 1.58 territory as the week wore on. The good news was it saved the best for last, gaining a rate of 1.6016 in the process.
So could the pound do just as well against the Euro? The opening rate here was 1.1957 and the pound enjoyed a slight rise to 1.1973 on Monday as it had against the dollar. Would this be a predictable rise too?
In actual fact it dropped to 1.1918 on the 28th, but it then soared over the final two days of the week. This meant we had an outstanding final rate of 1.1991 to close on.
Two good results were in the bag, so could we make it three with the addition of a good rate against the Hong Kong dollar? We had an opening rate of 12.296 to play with and we saw a very similar pattern here to the one we had against the Euro. Early gains were wiped out midweek as the pound dropped back again, but then it used the final day to get back up to an impressive 12.436.
Our fourth stop is with the New Zealand dollar. The opening rate was 1.9490 and the initial day’s trading saw us lose a whole cent, so we weren’t doing as well here. We lost another small amount on Tuesday before we turned things around and started to grab back what we had lost thus far. But the end of the week saw us virtually back to where we had started, with a marginally better rate of 1.9491.
Finally we started on 1.5239 versus the Australian dollar. We lost some early ground here as well, falling to 1.5123 on Tuesday before working to make ground for the remainder of the week. Eventually we would close out the week on a healthy rate of 1.5392.
Notable events in the world of currency
A good result against the Canadian dollar
Here the pound started on 1.5859 and ended the week better off on a rate of 1.5962.
A slight improvement against the Swiss franc
Here we did well too, with a rise from 1.4413 on Monday morning to 1.4444 on Friday night.
And another good result against the Chinese yuan
We managed to grab another good result by going from 9.978 to 10.083 against the Chinese yuan last week.
The news later on in the week was highlighted by a story on the Bloomberg website, where it was predicted that we would see an improvement in the Euro in the coming months. Only time will tell whether or not this will come to pass, but it is certainly worth looking more closely in the future to see whether this will happen.
So it turned out to be a healthy week of results for the British pound once again. This made us wonder whether we could hope to get more good results like this for the coming weeks, or whether now would be the time that the tide would start to turn. We can only wait and see whether the pound has the strength to keep up this pattern, or whether it will struggle next week. Rest assured we shall be here to provide the answers, whatever they might be. We’ll see you next week.