A Good Week for the British Pound

Posted by Allison on 2 April 2019, 14:24

Some weeks produce good news while others produce anything but. Fortunately, this week would fall into the former category, as our report is about to reveal.

An overview of the currency markets for March 11th – March 15th, 2019

As this week got underway, the British pound was worth 1.2984 against the US dollar. This soon changed to reach a surprising 1.3209 by Monday night. Could we maintain that across the whole week though? When we dropped back to 1.3075 the following day, it seemed we could not maintain that level of performance. However, as the week progressed, we saw a few ups and downs that did not dent the initial performance we had managed to put in. By Friday night, the pound had finished the week on an even better rate of 1.3317.

So, could we replicate that performance elsewhere? Such as against the euro, perhaps? We opened on 1.1557 here, before rising to close out that first day on 1.1741. We did wonder whether things would take a different tack here, given that we then fell back to 1.1581 by Tuesday evening. Was the euro getting the better of us, we wondered? If we did harbour those thoughts, we were soon reassured by the improvement seen throughout the rest of the week. By Friday evening, the British pound had managed to sneak out a closing rate of 1.1739.

Would two good results thus far lead us into a third one against the Hong Kong dollar? Things started in a fashion that was by now quite familiar. Opening on 10.192, the pound then improved to 10.369 by the end of day one. Here, we saw a similar dip on day two as well, taking us to 10.264 in the process. However, we then managed to sustain a better performance across the remaining days of the week, soaring into 10.4 territory as we did so. Friday’s closing rate was 10.453, so this represented yet another good result for the pound this week.

Would we see more of the same against the New Zealand dollar now? We started the week on 1.9089, rising to 1.9329 that night before dipping considerably to 1.9055 on Tuesday evening. That dramatic process continued throughout the week too, although fortunately for us we ended up doing rather better over the final few days of the week. The New Zealand dollar turned out to be no match for the pound by Friday, at which point the pound was worth 1.9436.

Opening against the Australian dollar on 1.8448 gave us a solid base to work from. Monday night saw a rise to 1.8679 before the pound put in yet another solid performance across the week. We were hoping for a complete set of five good results here, and we were not to be denied, as the remaining days of the week proved to us. By finishing on 1.8781 against the Aussie currency, the British pound confirmed its solid status this week.

 

Notable events in the world of currency

More of the same against the Canadian dollar

The pound opened trading on 1.7425 last week, before managing a good week that ended with a rate of 1.7773.

 

The Swiss franc was no match for the pound either

Here too, the pound managed to put in an excellent performance. From a standing start of 1.3088, it shot up to 1.3344 on Monday evening and managed to finish on 1.3339 by Friday night.

 

The opposite was true against the Icelandic krona

The pound had to slip somewhere, and it seemed to be here last week. The pound opened on 157.643, but despite a good rise to 160.126 on Monday night, Friday’s closing rate was 155.993.

 

So, it was a very good week overall. Will the British pound maintain that performance across the next week or two, we wonder? We know things are rarely that simple. Perhaps we should keep a close eye on the performance of the currency throughout the coming days.

 

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