Posted by Allison on 11 April 2017, 09:26
On 1st March, the British pound began the month worth 1.2422 against the US dollar. The remainder of that week wasn’t good, as the pound fell steadily to reach 1.2234 by the weekend. But was this a bad omen, or just a blip the pound would soon recover from?
The following week saw a similar set of struggles for the British pound. This meant another significant loss for the currency, as it dipped back to 1.2155 at the close of the week. So far, it had lost over two and a half cents in little over a week. This made us wonder what else was in store as the rest of the month carried on. Were we in store for some more losses, or would there be better news to come? There was no way to tell except to let the march of time carry on.
The next week was better, however – perhaps a sign that times were changing. The British pound didn’t perform well over the entire week, but it did well enough for it to close on 1.2360 by the time Friday evening rolled around. That equated to a rise of a little over two cents for the week, thus regaining most of the losses that had occurred over the month thus far.
Did this mean the British pound had turned a corner? If so, perhaps the next week would be just as encouraging. Four out of the five days were just that, and they were the first four days of the week. This led the pound to reach 1.2502 by Thursday night. Even though it slipped back to 1.2476 to finish the week the following day, it was still much better than it had been before. The pattern over much of March was more encouraging than many would have guessed.
The rise over the last couple of weeks slowed somewhat in the following week, which ended the month on a nice note. The pound still managed to increase its standing slightly, though, closing Friday 31st March on 1.2496. This was just 0.002 higher than the previous week, but a rise is still a rise. It is the pattern developed over the month that is more interesting, however.
When it opened, the pound was worth 1.2422, and when it closed, it had reached 1.2496. So, overall, the pound had improved by almost a cent – perhaps not as much as we had thought, thanks to that early dip it experienced. Its recovery over the rest of the month was still encouraging, though, and we still had an improvement to celebrate. So, while the pound may have its struggles, it did well against the American currency during March.