Posted by Allison on 16 July 2010, 13:57
We have focused on a number of more unusual currencies this month for our regular feature on how the British pound is standing up to the various foreign currencies on the currency converter. For this report we are going to see how the pound fared against the Fijian dollar during the month of June.
The opening rate for the pound was 3.0122, left over from May. But by the time the first day of trading was over with, we had already lost some value on the dollar. The rate by then was 2.9488, so our task for the first week was to figure out whether we could regain those early losses.
We managed to creep back up to 2.9783 by the end of the 3rd, but we couldn’t quite sustain that for the whole week. Instead we ended up with a closing rate of 2.9579 on the 4th to lead us into that first weekend.
When the following week dawned and everyone returned to the currency markets, the pound started encouragingly and finished on 2.9856 on Monday night. But this was not sustained and just twenty four hours later the pattern for the coming week was set as we slumped to 2.9430.
You’ll notice we said a pattern – this is because the pound could not manage to do anything other than achieve great highs and lows over the course of that week. A rate of 2.9965 was noted on Thursday evening, followed by 2.9543 to end the week.
It was a similar story the following week. The previous results had made us somewhat cautious so even when the rate of 2.9797 was recorded on Monday we weren’t sure whether this would be followed by a huge drop once more on the very next day. We were right to be cautious too, because although the exchange rate only changed by a small amount on the next few days, the week ended up on 2.9461. This was going to be quite a battle against the Fijian dollar as the rest of the month went by.
The week beginning the 21st saw the pound slump to 2.9264 so we half thought we might be in for a poor finish. But this wasn’t the case. We managed to find enough strength in the pound to give the Fijian dollar a run for its money, landing us on a week closing rate of 2.9691.
But there were still a few short days to go before the month was out, so we couldn’t be assured of any major successes. We have already seen how the pound has a tendency to have major highs and lows against the dollar within the space of a few days, so anything could yet happen.
Luckily anything did, and it was a good thing too. By the time the month was over we had managed to peak just at the right time – landing us an exchange rate of 3.0023 on the final day of the month.