Posted by Allison on 15 December 2009, 14:06
These two currencies are among the few that are still left in Europe to go up against the Euro. As such it is interesting to see how they fare when they go up against each other as well. How did they do during November, for example?
The pound finished up on 1.6920 at the end of the first day of the month, but how did things fare from then on as far as the currency converter was concerned?
As it happened things did not progress as the British pound would have liked – dipping down as low as 1.6708 just a day later. Was this going to be a poor month for the pound or was it just a bad start?
It was back up to 1.6912 on the 4th but the following day it slipped back once more into the 1.68 region. The Swiss franc was clearly not going to put up with much during November – the pound had a fight on its hands if it was going to achieve any success at all here.
There was a low point of 1.6728 on the 11th but then the British pound surged back to finish the week on 1.6940. Just two days into the following week we had achieved another success and pushed the rate up to 1.7050. Unfortunately for us, that was as good as it was going to get. We might have achieved a good rate there but hanging onto it was another story altogether.
That particular week ended on a weaker note as the pound let the Swiss franc take control once more and we finished on 1.6822. We have already revealed that 1.7050 was the high point of the whole month, but how much lower would we sink before the month was out?
The next week started with a closing rate of 1.6772 on Monday evening, so we could see the downward spiral was starting once more. And every single day that week saw another drop for the pound – clearly we just didn’t have what it would take to get our own back on the Swiss franc. Not during November anyway.
And so we finished that week on an exchange rate of 1.6570. And with just one day of trading left on the currency markets once we came back after the weekend, we clearly weren’t going to achieve much to be proud of this month. The final exchange rate recorded for November was 1.6533. And since the opening rate from the end of October was 1.6920, that meant we had lost out on 0.0387 over the course of the month. Not exactly what we were hoping for and definitely not anything to be celebrating.
So will we stand a chance of bettering ourselves against the Swiss franc before the year is out and we dive headlong into 2010? We’ll have to wait and see, but the pound has some ground to make up before we can think about that.