Posted by Allison on 14 May 2010, 14:08
We often take a look at this currency pairing because both currencies are quite high up in the echelons of the currency markets. How would they perform against each other during the month of April this year?
The opening rate for this month was 141.526, and it wasn’t long before the British pound capitalised on that and made sure the closing rate for the week was 142.713. A good start to be sure – but where would it ultimately lead to?
The following week was an unusual one as the British pound slipped back to 141.440 on the 8th, before storming back to finish the week on a much better 143.738 the following day. When the next week got underway the currency converter figures kept going in the pound’s favour as well. This time it warranted an improvement to 143.898 by Monday night.
By the 14th of the month it looked as though the Japanese yen didn’t have much in the locker to fight us with, as we finished up on 144.565 at the end of the day. But by the end of the week – just two days later – we were sitting on 142.857 instead. So clearly the Japanese yen wasn’t to be underestimated here.
The week beginning the 19th April started off in a very different fashion though. The pound dropped back to 140.261 by the end of Monday evening, leaving us wondering whether this could be the turning point the Japanese yen had been waiting for. It was a turning point of sorts – but it was one that the British pound pounced on fairly rapidly. In just twenty four hours from that point the figure had changed again – this time to 142.977.
And there began a climb back to power by the British pound that would last throughout that particular week. The next day saw a better rate of 143.440, and while there was a minor drop on the day after that, the week ended eventually with the pound looking triumphant on 144.252.
So we had just a few days left before April would be over and the two currencies would be able to see which one had come out the best over the month as a whole. Could the British pound hang onto its momentum and finish off getting a better rate over the Japanese yen than it had achieved at the start of the month? We were just a few days away from getting some answers.
The 26th came back with a rate of 145.477, so this was looking good for the pound. But then the yen came back and pushed us down to a low point of 142.949 just two days later. Luckily for us we had some other ideas, and the pound finished the month on 144.559. This meant we had added on a total of 3.033 over the course of the month, so it was indeed a good one for the British pound. Let’s hope it continues in the same manner.