Posted by Allison on 10 December 2010, 13:10
This month we have decided to choose three currencies we do not normally focus on for these reports. It is important to highlight and read about popular and worldwide currencies such as the US dollar and so on, but smaller currencies can also paint a picture that is worth seeing.
Such is the case with the Estonian kroon. This is a delightful name for a currency and this month we shall be looking at how the kroon performed against the British pound for the month of November. When October came to an end the pound had a rate of 18.013 against the Estonian kroon on the currency converter. So let’s see whether that figure would go higher or lower as we moved through November and finally came up against the last month of 2010. Would the pound be strong enough to get the best rate?
The first signs went in favour of the kroon as the pound dropped to 17.883. But even though it had a shaky start we did eventually manage to see the pound claw its way back to 18.028 to close out that first week. It was an interesting start, but it didn’t tell us much about which currency would prevail for the month as a whole.
The next week was slightly different though as it saw a slew of steady increases for the British pound. There were no big increases but there was enough going on to ensure we had lots to appreciate. The week closed out on 18.392 and we were feeling confident that the pound had more in the bag yet to share as well.
The week beginning the 15th November turned out to be just as promising as the pound perked up to 18.453. Unfortunately this turned out to be something of a rocky week and we ended up having a nightmare time as we went back and forth with the Estonian kroon. Each currency nipped away at the other in a vain hope of gaining a foothold against the other, and eventually the kroon managed to gain a small victory. The week ended with the pound claiming a slightly smaller rate of 18.295.
So where would we go from here? The pound was still doing better than it had been at the end of October, so it could be the case that the month would turn out to be better than it looked to be at the moment.
Funnily enough the final few days of the month turned out to be quite a surprise. It was almost as if the pound was able to put in one final spurt of energy against the Estonian kroon, and as a result it went up to 18.302 to begin with. But this was the first of a few increases which led to a month end rate of 18.679. This was quite a success given the strange way the month had gone on, so we we pleased to see it.