Posted by Allison on 4 April 2018, 13:01
The final week of trading is upon us for March. We are a quarter of the way through 2018 already, which hardly seems possible. But will we mark a good week for the British pound or a bad one? Let’s find out.
If we were hoping for a good performance against the US dollar this week, it soon became clear we would be disappointed. We did well on day one, rising from the opening rate of 1.4144 to reach 1.4224. However, the remainder of the week was far from good, as we had two poor results mixed with one good one. Friday was the beginning of the Easter holiday, so the week was cut short with a closing rate of 1.4082.
The shorter week perhaps stopped the rot against the euro as well this week. We started on 1.1456 here, before achieving a slight rise to 1.1461. The picture was slightly better than we’d seen against the US dollar, as we had two good days and a bad one. However, the overall result was still a loss, as we finished early on 1.1429.
We opened the four-day week on 11.100 against the Hong Kong dollar, and once again it would be a week of ups and downs. Clearly, finishing March in good fashion was not going to be possible. Instead, we ended up finishing on 11.052 against the Hong Kong currency, met by a barrage of strong results from there.
Our fourth stop takes us across to the New Zealand dollar, where we managed to achieve an impressive result last week. Could we add to that now, or were we about to see a different picture coming our way? We opened trading on 1.9503 and managed three good days out of the four we had to work with. So, was that enough to achieve yet another good week against this currency? It was, but we didn’t see as big an improvement against the Kiwi currency as we might have hoped, given we had three good days out of four. We did manage to climb by nearly half a cent though, as we finished on 1.9542 on Thursday night.
The up-and-down nature of some of the exchange rates we had experienced this week was seen once more against the Australian dollar. That pattern was just as clear here as elsewhere, with the four days evenly split between rises and falls. Fortunately, we managed to turn that in our favour, rising from the opener of 1.8305 to finish slightly better off on 1.8328.
There was no good news for us in this part of the world. Despite opening on 1.8179, we ended up slipping back to 1.8167 by the time this week was up. The Canadian dollar had the better of us here.
While that same up-and-down pattern was seen in this part of the world too, we came out on top in this instance. The pound began the week on 1.3407 before ending it slightly better off on 1.3463.
We couldn’t expect to get good results everywhere, and here we were far from achieving that. While the British pound opened on 139.948, there was just one day where we had a good result this week. That meant we ended up on 138.883 by the time Good Friday approached.
So, we have a mixed bag of results here, proving that even when we follow on from a good week for the pound, you never know what will happen next. Maybe we can achieve something better in the weeks to come. Since March is now over, our next week will take in the first few days of April, and another shorter week to account for the end of the Easter weekend. We’ll report on that shortly.