A Choppy Week in Rough Waters for the British Pound

Posted by Allison on 23 February 2015, 14:30

Let’s not delay the process of exploring the results achieved by the British pound last week on the currency markets. We have them for you here.

An overview of the currency markets for February 16th – February 22nd 2015

Here we go then with another week’s worth of results. Starting with the US dollar, the pound was worth 1.5377 on Monday morning. It finished the day slightly lower on 1.5372 so it wasn’t the best start. The following day wasn’t that good either as the pound dipped to 1.5355. The next two days were much better, especially since the pound had risen to 1.5431 by Thursday evening. Could we manage another good day before the week was over? Actually no, because the pound closed out the week on 1.5375 on Friday evening, just a fraction down on Monday’s opening rate.

The opening rate against the euro was 1.3511 before we had two days of lower rates. These took us to 1.3451 by Tuesday evening. We had a much better day on Wednesday as the pound raced to close on 1.3564, which was a much better performance all in all. While we did slip a little on Thursday it wasn’t enough to ruin what looked to be a good week all in all. Indeed with a closing rate of 1.3609 on Friday this was clearly the best finish of all this week.

Over in Hong Kong the pound started the week on 11.925 before having the now-familiar two days of woe. These took it down to 11.913 by Tuesday evening. We then had two good days that took it back up to 11.970 by Thursday night. This was the best rate of the week. The pound couldn’t hang onto it though because it ended up falling back to 11.926 on Friday night. This was just marginally better than the opening rate had been on Monday morning.

Last week we had a good performance against the New Zealand dollar. This week though we started on 2.0689 and immediately fell back to 2.0472 on Monday night. The next day was worse still, taking the pound back further to 2.0367. We did manage to boost our performance a little on Wednesday though, as the pound perked up to 2.0546. However we know things can move significantly either way with the Kiwi dollar and this was the case this week too. Indeed by Friday we were stalled on 2.0359.

So would we end up dropping against the Australian dollar as well? The opening salvo here was 1.9847 and we had two poor days to kick things off as well, dropping us down to 1.9630. Things improved over Wednesday and Thursday as the pound improved to 1.9829 but we then saw the drop we’d seen against the Kiwi dollar too. This time we fell back to 1.9595 as a result.

Notable events in the world of currency

A small drop against the Canadian dollar

A drop was noted here but at least it wasn’t a massive one. The pound went from 1.9233 to 1.9152 against the Canadian dollar.

A big rise against the Swiss franc

Here though we did see a big change, this time taking the pound from 1.4289 against the Swiss franc to a healthier 1.4586.

Better news against the Icelandic krona too

Here too we had good news to celebrate. We started on 201.953 against the krona but reached 203.939 by Friday.

So all in all it was a strange week really. The pound didn’t manage any major moves in the right direction – with the exception of the Swiss franc – but there were some good days marred by performances on bad days. We could have ended up with some great outcomes if it wasn’t for the unevenness of the whole week. Still, we did manage to stall what could have been some dreadful losses over the whole week, so for that alone we should perhaps be grateful.