Summary of Currency Markets for November 7th – November 11th 2011
Posted by Allison on 14 November 2011, 14:58
Here we are again with the latest news and views from the currency markets. How has the British pound been faring on the currency converter against the likes of the Euro and the US dollar in recent days? Let’s get the answers now.
An overview of the currency markets for November 7th – November 11th 2011
The pound was worth 1.5991 against the US dollar the last time we caught up with it. The first day of the new week saw it soar to 1.6043, but could it hold onto this new territory for the remainder of the week? It did well on Tuesday rising slightly to 1.6068, but then it sank back down to 1.5931 by the time Friday night arrived.
Let’s move on and see whether we achieved a similar pattern against the Euro. Here the starting rate was 1.1611 and once again on Monday we saw a slight improvement to 1.1674. But here we would see the best results later on in the week, with the high point coming on Thursday at 1.1718. We ended up with a slightly lower rate to finish on at 1.1671 on Friday night though.
Our next stop is the Hong Kong dollar, where we were starting from the previous closing rate of 12.423. We improved to 12.485 by Tuesday but then we started slipping backwards again. This meant that by the time the week was over we stalled on a rather disappointing 12.399.
So a mixed bag so far for the pound – where would we finish against the New Zealand dollar? Our starting rate was 2.0204 and when we fell to 2.0173 on day one we didn’t hold out much hope for the rest of the week. Luckily though we then pulled back and the second half of the week was much better. We finished up on an impressive 2.0466.
Finally it’s the Australian dollar, which sometimes follows a similar trail to the New Zealand dollar. Did this mean the pound was in for another good result? Opening with a rate of 1.5419, the pound started as it meant to go on and finished on 1.5522 on day one. We didn’t lose much ground either, and by Friday night we were celebrating a rate of 1.5672, closing off a good week for the most part for the British pound.
Notable events in the world of currency
Dropping against the Canadian dollar
It wasn’t all good news last week though, as we fell from 1.6301 to 1.6230 against the Canadian dollar.
Making up for it against the Swiss franc
We did better here, moving up from 1.4185 to an impressive 1.4425 against the Swiss franc.
But a slight drop against the Chinese yuan
Back down to earth again here as we fell from 10.138 to 10.103 against the Chinese currency.
One of the main stories of last week was the strength of the British pound against the Euro. The Eurozone has had so many problems to contend with in recent times that the pound has been able to take full advantage of its position. This story from Reuters illustrates how this has worked. It is not the only story of this kind to have hit the headlines either.
So now we look ahead to another week and a month that is fast approaching its conclusion. Indeed the end of 2011 is not that far away, so we must wonder whether we are able to hold our position against the Euro in particular and keep on doing well. Things are so up in the air with the Euro and the various countries in that zone that are struggling, it would appear that no one is quite sure what will happen next.
Rest assured though we will be here to report on all happenings as they occur. You never know what to expect next.