Would a Familiar Pattern Develop This Week in the Currency Markets?
Posted by Allison on 2 March 2015, 14:21
Welcome back to our latest report on the currency markets, where the pound did battle against a range of leading currencies once again last week. Let’s see which currency came out on top.
An overview of the currency markets for February 23rd – February 27th 2015
Here we go again then with another look at how the British pound stood up to the US dollar. We didn’t get the ideal start as the pound fell from its opening rate of 1.5375 to close Monday evening on 1.5367. However this early drop in value was rewarded by three days’ of great results from that point on. Indeed we actually managed to achieve a closing rate of 1.5500 by Thursday evening – a rise of well over a cent since Monday evening’s closing rate. We slipped back on Friday unfortunately though, taking the pound back to 1.5443 in the process.
With this in mind how did we do against the euro last week? Did we manage to get a good result here or was there more in store than this? We opened with a rate of 1.3609 before dropping to 1.3601 by Monday evening. However the remainder of the week gave us nothing but good results to make up for it. The pound seems to be able to respond well against the euro at the moment and this week was no exception. By Friday night we were standing tall with an exchange rate of 1.3740 – a fair bit higher than we’d started with.
Over to Hong Kong now with the hope we could achieve something similar here as well. The familiar Monday drop was in place here too, as the pound went from 11.926 to 11.919 to start the week. However we then had three good days that took us to 12.020 by Thursday evening. We then dropped back – disappointingly so – to 11.976 by Friday night.
In New Zealand the pound started off with a rate of 2.0359 before climbing to 2.0458 on Monday. This bucked the trend we’d seen elsewhere so far. However we then got a surprise as the pound shot up to 2.0731 on Tuesday, leaving us wondering where the rest of the week would go. In reality it only went in one direction – down. The pound lost ground throughout the remainder of the week, and stalled back on 2.0402 by Friday evening. This was still better than we’d opened the week with though.
Finally it’s time to see how we did against the Australian dollar. The pound started things off on 1.9595 before climbing to 1.9736 on day one alone. By the end of Tuesday it was higher still on 1.9892. We then fell back to 1.9634 before achieving two more good days to close out the week. This meant we ended up on 1.9727 by Friday night.
Notable events in the world of currency
A rise against the Canadian dollar
Good news here as the pound went from 1.9152 to 1.9229 over the course of the entire week.
Another slight rise against the Swiss franc as well
Here too we had some good news, as the pound increased from 1.4586 to 1.4613 this week.
Three out of three against the Icelandic krona too
The pound did well here as well, as it started on 203.939 and rose to 205.075 by the end of the week.
So we can see the week was quite a good one for the pound. It did lose ground towards the end of the week against some currencies but it didn’t lose enough to give us a slew of bad results. On the whole then it managed to do rather well across the week, given the fact we’ve looked at a range of currencies here.
Perhaps next week it will be a different story but until then we shall have to wait and see what happens. Rest assured we shall have the latest results for you as always, so you can enjoy finding out more next week.