Posted by Allison on 16 July 2010, 13:59
It is that time of the year when everyone is thinking about their summer holidays. So we thought we would see how our British pound is faring when compared to another pound – in this case the Egyptian pound.
At the end of May the British pound was worth 8.2070 Egyptian pounds on the currency converter, but would it be able to improve on that as May turned into June?
The early signs were encouraging as the British currency had two good days to start off with, leaving it on 8.3601 at the end of the 2nd. But this was as high as it would get for a few days, as it ended the week on 8.2575. By the 8th it had dropped even further to 8.1845, so it wasn’t looking good for the British currency at this point. The question was, which direction would things go in now?
The answer came as a surprise – and it came the very next day too. The exchange rate shot up to 8.2648. It could have been a temporary thing but the events of the next few days seemed to indicate this was not the case.
Two days later the week ended on a rate of 8.2981, and by the time another full week had gone by the momentum was firmly in the direction of the British pound. This was evident from the exchange rate of 8.4103 that we had achieved by the end of that week. Could this get any better or would the Egyptian pound fight back against our own pound?
The week beginning the 21st June started just as well, with the British pound climbing further to 8.4411. But the next day we got a bit of a shock because we dropped right back to 8.3450. Was this the beginning of the slow slide back down to where we had started the month?
Luckily for us the answer was no, because we managed to haul ourselves back up to 8.4619 the following day. And from then on we really had very little to worry about. Just one more day and we found ourselves on 8.5111 for instance. This was clearly going to be a better month for the British pound than it was for the Egyptian pound. Anyone heading off to Egypt on holiday should get a reasonable exchange rate for their money in this instance.
The last few days of the month did have their ups and downs but we would not be too concerned by that. In the end the final rate for the British pound for the month of June was an impressive 8.5513. Considering we started the month way back on 8.2070 we can see that we had climbed quite a way during the month as a whole.
Hopefully anyone who is heading out to Egypt in the near future will be able to benefit from this, just in case it starts to drop back again. Hopefully this won’t happen.