Summary of Currency Markets for October 17th – October 21st 2011

Posted by Allison on 26 October 2011, 11:40

It’s time once again to see how the main currencies have been performing on the currency markets. Will the British pound be in good condition at present, or will it be struggling to maintain a good position on the currency converter?

An overview of the currency markets for October 17th – October 21st 2011

The last time we caught up with the British pound against the US dollar it was worth 1.5783. As the new week began it immediately dropped back slightly to 1.5762, but this would not last long. In fact the picture for the rest of the week was a very good one, as it climbed to finish on a more promising 1.5900 by Friday evening.

Next we have a chance to see how the pound performed against the Euro. Could we improve on the 1.1431 we were left with the previous week? The picture here was a little more hard fought, with small gains and losses experienced during the week. But the end result was a good one, as the pound managed to climb to 1.1524 overall.

So far the picture is a good one. But would it continue against the Hong Kong dollar?

Here we were starting with a rate of 12.275. The first couple of days were not good, as we managed to fall back to 12.223 by the 18th. But luckily the second half of the week was better, as we climbed back to achieve a closing rate of 12.371 on Friday evening.

The next currency to check up on is the New Zealand dollar. We closed the previous week on 1.9795 so could the British pound now climb closer to the two dollar mark once again? We lost ground initially but after that we managed to get back to 1.9949 during the week. After that we dropped back again before claiming a week long closing rate of 1.9941.

Finally we have time to check on the Australian dollar. Here we were starting from 1.5394 and once again there was good news on the cards. We managed to reach 1.5501 during the week, and although we lost ground again we still managed to finish on a better rate than we had started with – 1.5443.

Notable events in the world of currency

A slight rise against the Canadian dollar

The pound was able to move from 1.6015 to 1.6084 against the Canadian dollar last week.


A similar picture against the Swiss franc

There was a similar picture here too, as the British pound improved from 1.4160 to 1.4182.


Another similar pattern against the Chinese yuan

Here we climbed from 10.079 to 10.154 over the course of the week.


As we can see from this report, the pound had a relatively good week against all the different currencies. This was borne out by a story on the Bloomberg website as the pound did well against the US dollar. The national debt has been reduced in recent months and this has led to a better performance by a more confident pound. The only question left to ask is whether this pattern will continue over time. Clearly the pound has done well but with so many other countries struggling to get back on their feet after the recession it may not continue in exactly the same way.

It is certainly interesting to see the pound experiencing a very good week though. Hopefully it will continue over time but we shall have to wait and see. There are many different factors that could influence the situation as it stands, so we must wait and see whether the pound will continue in this pattern in the weeks to come. It is likely to experience dips at some point, but rest assured we shall be here as always to report back on the latest happenings from the currency markets. You won’t miss a thing.

 

Comment

  1. The thing I am most interested in this week is the state of the Eurozone. We’ve all heard about this deal that is supposed to solve all their problems and save the Euro, but should we really be saving a dead duck in the water? Even if the ‘solution’ works, it won’t work forever. Most of the politicians involved just want to save their skin, nothing else. Half of them are corrupt anyway.

    — Allison · Oct 28, 04:51 PM · #

  2. I agree with Allison. I don’t think we should be supporting the Euro in any way, shape or form. It annoys me that we have to contribute to Europe even when we are not part of the single currency area. Everyone knows deep inside that the currency will fail and I don’t think it will be long before it does either. Hopefully it will sink – I think we would be better off without it in the long run.

    — CShort · Nov 27, 08:09 PM · #