The Challenges of the British Pound Continue
Posted by Allison on 25 March 2014, 13:51
It’s time for another in depth currency report once again, taking us closer to the events of the past week. These events have been challenging to say the least, but we shall leave the currency results to speak for us.
An overview of the currency markets for March 17th – March 21st 2014
We had a disappointing week last time, so perhaps the British pound would do better this time. We began with an opening rate of 1.6594 and this improved to 1.6619 to close Monday evening. However, we soon dropped back again on Tuesday, going slightly below the original opening rate in the process. There was a little good news as we improved to 1.6626 on Wednesday, before bad news hit on the last two trading days of the week. These saw us slump to a closing rate of 1.6489 on Friday night, so it was not a good start for the British currency.
Perhaps we could do better against the Euro instead. Here we opened with a rate of 1.1952 before falling slightly to 1.1951 on Monday evening. There was another drop in store the next day which took us to 1.1928. There was at least some good news after this though – and indeed we managed to climb to a fairly respectable 1.1982 by Thursday evening. We did fall to 1.1966 on Friday night but at least this was better than our opening position had been on Monday.
So which side of the fence would our head to head with the Hong Kong dollar fall on? Here we began on 12.886 before improving to 12.904 on Monday night. We dropped back the following day before moving ahead once more to close on 12.909 on Wednesday. Unfortunately we couldn’t keep it up and by the time Friday night arrived the British pound had slid back to 12.798.
We have lost a fair bit of ground against the New Zealand dollar recently and this is certainly not good news. It looked as though the bad news would continue though since we began on 1.9446 on Monday morning and we were down to 1.9250 by Tuesday night. Fortunately this turned out to be the lowest point of the week and we bounced back (to a degree) to close on 1.9320 by Friday evening.
Clearly this was not turning into the best week all in all for the British pound. We had another bad result to finish with as well, as we lost ground against the Australian dollar too. An opening rate of 1.8385 had dropped to 1.8197 by Tuesday evening, before a comeback of sorts saw us reclaim a rate of 1.8281 by Thursday evening. We eventually settled on 1.8187 by Friday night.
Notable events in the world of currency
A slight improvement against the Canadian dollar
Here the British pound edged up to 1.8469 from an opening rate of 1.8398.
Another reasonable result against the Swiss franc
Here too we managed to achieve a small victory. The pound started on 1.4491 and finished the week on 1.4577.
Three out of three with another good result
It seems all the best results were against other currencies, as the pound finished on 187.398 after starting the week on 185.711 against the Icelandic krona.
So there were good results to be had in some areas – we just had to go looking for them to confirm they were there. However, the results against the likes of the US dollar and the Euro were less encouraging. We have had some poor results to report back with over the last couple of weeks, so perhaps we have a better week coming up soon. We can only hope.
Whatever happens next week, we shall be here to report back on the latest results. Perhaps we shall have better news to reveal to you as a result, but we shall have to wait and see how things pan out.