Summary Of Currency Markets For November 1st – November 5th 2010
Posted by Allison on 8 November 2010, 11:00
It hardly seems like a week since we were last looking at the currency converter results for the British pound. But here we are again and this time we are into the first few days of trading in November. The end of the year is beckoning – but we have a few more weeks to go yet before we get there.
Let’s see how November shaped up to begin with, shall we?
An overview of the currency markets for November 1st – November 5th 2010
The last time we checked out the pound’s performance against the US dollar, the rate ended on 1.5953 for the week. But will it improve now?
The new week (and the new month of course) couldn’t have started on a better note. The pound soared over the 1.60 mark on Monday evening, ending on 1.6066. The high point was 1.6263 on Thursday, but even though it dropped to 1.6227 by the end of the week, this was still good news for us, no doubt.
The pound did well against the Euro last time too: ending the week on 1.1512 and making us ponder another potential good result this time around. But while Monday saw a high of 1.1537, by the time Thursday arrived we had sunk back down to 1.1417. Fortunately we beefed our performance back up to close the week on 1.1522, saving the day as a result.
So how would things go against the Hong Kong dollar? Would we do well here too?
We were left with a good rate of 12.372 after a strong week last time, so hopefully we could do well again here too. And indeed we did, climbing steadily throughout most of the week to reach a sensational high of 12.605 on Thursday evening. You’ll notice we said Thursday though – we dipped to 12.578 on Friday night but in light of the increases we had made overall, it didn’t much matter.
We’ll go over to New Zealand now to gain another positive result, if things go our way. Our starting point here was 2.1045 so hopefully we could gain a better result here as well. Unfortunately the 1st of November saw a drop to 2.0917 and it soon became clear that falls in the exchange rates were all we could expect. By the end of the week we were on nothing more than 2.0448.
So could we expect the same in Australia too? Usually the two countries mirror each other in this respect, and with the pound starting on 1.6366 against the Aussie dollar, where would it head to next?
The answer was as we expected – down. We dropped steadily throughout the week and although we hoped we would stay above the 1.60 mark overall, even this wish wasn’t granted. We ended up on 1.5975 on Friday night, giving a sobering end to the results for the week.
Notable events in the world of currency
Peaks and troughs for the pound versus the Canadian dollar
Yes it was a rough time here, as the starting rate of 1.6290 went up and down like a yo-yo until the week was out. The closing rate turned out to be 1.6246.
A drop for the pound against the Swiss franc
It wasn’t a good time for the pound in some cases last week, as it fell from 1.5781 to 1.5607 against the Swiss currency.
Indian currency doesn’t beat the pound though
There was one good result to note here though, as the pound moved up from 70.826 to 71.436 as the week came to a close.
The ups and downs of the British pound were clear to see as various news reports were published online last week. Reading this story at Reuters - makes that abundantly clear.
So it has been an interesting week with good results here and there and not so good ones elsewhere. But what will next week bring?