Summary of Currency Markets for September 26th – September 30th 2011
Posted by Allison on 10 October 2011, 13:46
Have you been keeping an eye on the currency markets for the past few weeks? If you have you may already know how things turned out for the last week of September on the currency converter. Let’s find out what happened now.
An overview of the currency markets for September 26th – September 30th 2011
The last time we caught up with how the British pound was doing against the US dollar, the exchange rate was 1.5395. So would this be on the up or on the way down for the last few days in September?
The news was good as the pound climbed to a high point of 1.5637 by Thursday night. It dropped back slightly to 1.5580 by Friday, but this was still better than we had anticipated for the week as a whole.
Next up it is the Euro, where we were starting on 1.1463. The early days of the week looked promising but were not without their bumpy times. However things panned out in favour of the British pound in the end, as we ended the week on a healthier 1.1538.
Now let’s see whether we could enjoy a good result against the Hong Kong dollar as well. The opening rate here was 12.008 and we had the perfect start to the week as well, bringing in continual improvements day after day. We dropped a little on the final day but it didn’t prevent us from achieving a great rate of 12.140 to close out the week.
But could we achieve something similar against the New Zealand dollar? The starting rate here was 1.9881 so there was a chance we could get over the two dollar exchange rate again. In the end not only did we manage to do this, we managed to end on 2.0377 by the close of play, giving us a wonderful achievement overall.
Finally there is the Australian dollar to look at. Here the opening rate was 1.5862 and once again there was nothing but good news to evaluate. We dropped back a little midweek but then we picked things up and achieved a final rate on Friday evening of 1.6008. It was certainly very good news to round off the week with.
Notable events in the world of currency
More good news against the Canadian dollar
There was good news to be found in lots of places it seemed. The British pound climbed from 1.5883 to 1.6275 overall last time.
A smaller achievement against the Swiss franc
The pound did well against the Swiss franc as well, climbing from 1.3979 to 1.4042 over the course of the week.
Three out of three as we do well against the Chinese currency too
Here was another good result for us, as we took the opening rate of 9.8358 and improved it to 9.9471 over the week as a whole.
If you have a free account with FT.com you may want to read this particular article that was published about the Euro. It appears that the troubled currency could slide back to parity against the US dollar. Whether this happens or not remains to be seen, but it gives us another piece of the jigsaw puzzle regarding the single European currency. In any event the jigsaw is not revealing a very pretty picture from any angle.
Of course this is one of the main stories we are pursuing and keeping an eye on at the moment. While we focus primarily on the British pound and how it is performing in the currency markets, we are also watching to see whether the Euro will survive, and if not, when we can expect it to fold and die. We wonder what effect that would have on the other currencies around the world as well, but we shall be watching to see what happens as the days go on.