Posted by Allison on 19 September 2017, 14:35
Here we go again, with another report for you on the progress of the pound on the currency markets. And this week proved to be a very good one indeed.
We begin the week with very little movement from the British pound against the US dollar, as it crept from 1.3213 to 1.3216 on Monday. Would this be how the whole week would go? It didn’t look like it, as Tuesday produced a better result that ended the day on 1.3276. There was a dip the following day, to 1.3274, but with two days still to go, the overall picture was looking promising. We managed to sustain that picture through the final two days as well, and by Friday night, the pound was looking very healthy indeed on 1.3587, after a jump of 1.89% on that final day.
Would we manage to achieve something just as encouraging against the euro, though? We opened trading on 1.0956 here, and the first two days were encouraging indeed, as the pound steadily rose to 1.1126. We could perhaps expect a dip eventually, and that occurred on Wednesday, pushing the pound back to 1.1081 against the euro. But from then on, the remainder of the week was far more impressive. By Friday night, the British pound stood at 1.1358 against the euro, with two strong days closing out the week in good shape.
Could we therefore expect a similar picture against the Hong Kong dollar? This often follows the pattern set against the US dollar, and the same would indeed apply here. We opened on 10.316 before rising over the first two days to reach 10.373 by Tuesday night. A marginal dip took us back to 10.370 on Wednesday, but from then on, it was plain sailing for the British currency. Friday night saw us close on a surprisingly-good 10.620 for the week.
Moving on to our fourth stop, the New Zealand dollar, could we assume things would be just as encouraging here? The pound started the week on 1.8080, and every day turned out to be a good one. We opened the week strongly, rising to 1.8179 by Monday night. There was a marginal rise to 1.8183 the following day, but this kept us heading in the right direction. After three more strong days, though, Friday’s closing rate turned out to be significantly better than we had started the week on. The pound stood at 1.8635 by the end of the week, making it four out of four good results so far.
Could the pound keep this up against the Australian dollar as well, we wondered? We won’t keep you in suspense here, as the chart against the Aussie dollar looked much the same as the one against the Kiwi dollar. The pound opened the week on 1.6304 and improved slightly to 1.6430 on day one. From there, we had an improvement of one sort or another every day, culminating in an impressive exchange rate of 1.6936 on Friday night – yet another great result.
Not a mild result, but an excellent one here, as the pound moved ahead from 1.5971 to 1.6491 this week against the Canadian dollar.
Here, too, the pound did well – rising from 1.2496 to 1.3039 this week after another strong performance.
The krona was no match for the pound either, as the latter started on 139.640 before soaring to close the week on 143.881.
So, after a week like that, would there be any chance of securing more of the same next week? It would be a long time before any answer was available for that question, but it is crucial to find out whether we can make more headway against the world’s major currencies. We’ll have more answers for you soon.