Summary of Currency Markets for May 2nd – May 6th 2011
Posted by Allison on 9 May 2011, 13:50
Welcome back to the latest currency report, where we see whether a shortened week due to the May Day Bank Holiday in the UK had any effect on the currency converter figures. Will the British pound have some good results to share, or will it be very different?
An overview of the currency markets for May 2nd – May 6th 2011
The last time we saw the British pound go up against the US dollar, we had a small increase to appreciate. This left the pound on 1.6664. The first day of the new week looked good as we went further to 1.6685, but the next day saw a drop to 1.6478. In fact we finished the week further down on 1.6405, so we had disappointment here.
We had a bad week against the Euro previously in contrast, ending on 1.1214 as a result. The new week saw things get even worse as we dropped back to 1.1112 midweek. But it wouldn’t end the same way, because the pound had more to show us than we may have thought. In fact we managed to pick ourselves up and close out the week on 1.1313.
So which way would things go against the Hong Kong dollar? Could we have a better result here or were there problems to be had here too? We had a good time last time and finished up on 12.944, so we were hoping for a similarly good result now too. We climbed to 12.958 on day one but unfortunately that was as good as it got. By the time the week was over we had fallen back to a disappointing 12.748.
Let’s move swiftly on then and hope we have better news against the New Zealand dollar. We lost a tiny amount here last time, leaving us on 2.0650 as a result. But finally it looked as though we were improving on our previous results, giving us an impressive 2.0961 exchange rate by Thursday. We slipped back to 2.0843 on Friday night but this was still better than we’d started with.
The slight drop against the Aussie dollar the previous week saw us close it out on 1.5206. But now we had climbed against the Kiwi dollar could we do the same with this one too? It was rather more of an up and down affair than we would like, but fortunately we did do better than we thought we might. We peaked once again on the Thursday on 1.5448, but Friday’s closing figure of 1.5364 was still a lot better than we thought it might be.
Notable events in the world of currency
New Zealand dollar climbs marginally against Aussie dollar
Here the Kiwi dollar climbed from 0.7363 to 0.7371 over the course of the entire week.
US dollar enjoys an improved status against the Euro
From a starting rate of 0.6729 the US dollar managed to improve that to 0.6896 by the time the week was over.
Canadian dollar dips slightly against the Swiss franc
It wasn’t all good news for the Canadian dollar though, as it fell from 0.9124 to 0.9062 over the course of the week against the Swiss franc.
As the weeks progress they always bring with them news stories about various currencies and their woes and successes. Last week we had the Indian rupee dropping in value, as was indicated by a Bloomberg news story. Many of these falls are set to be short lived, while others last longer. This is why it is always worth thinking about how different countries and different events affect their associated currencies.
So it has been a relatively quiet week for the British pound. Some good results came to the fore and that was good, but we would like to see stronger results all round ideally. We shall be back to see if these results have occurred next week.