A Poor Finish to the Week from the British Pound

Posted by Allison on 10 October 2018, 19:59

Welcome back to our next report, revealing just what the British pound had to contend with last time around.

An overview of the currency markets for September 17th – September 21st, 2018

The new week began with the pound standing at 1.3100 against the US currency. The British currency began strongly too, rising over the first two days to attain an exchange rate of 1.3148 by Tuesday evening. A slight dip to 1.3136 the following day didn’t do much damage – especially not since it soared to 1.3284 by Thursday night. A final dip on Friday saw the pound finish on 1.3153. That sadly wiped out Thursday’s gains, but it still left the pound in better shape than it had been on Monday morning.

Into uncertain territory against the euro now, where the pound got underway on 1.1207 on Monday morning. This rose to 1.1251 by that night, before dipping to 1.1240 by the end of Tuesday. Two far better days were to come though, as the British pound performed strongly to reach 1.1287 by Thursday evening. Unfortunately, the biggest dip of the week was reserved for last. Friday night saw the British currency fall to 1.1185 – the lowest rate of the week against the European single currency. Hopefully we can rectify that early next week.

Our next stop takes us over to Hong Kong, where the chance arises to try and do better against their dollar. The pound began trading on 10.279 and once again had two good days to start things off with. By Tuesday night, it had risen to 10.313. This dipped to 10.304 the following day before heading up to new heights at 10.420 by Thursday. Once again though, we saw a final dip on Friday that let down the performance thus far. We ended the week slightly worse off on 10.272 against the Hong Kong currency.

The picture of trading against the New Zealand dollar would prove very different indeed. From an opening rate of 1.9924 on Monday, the pound edged ahead to 1.9962 that night. However, that was about as good as things would get. Two lower days took the pound back to 1.9911, before Thursday delivered a slight improvement to 1.9915. Sadly, Friday was once again a disappointment – and a big one in this case. We dipped to 1.9693 before the week was out.

So, would we see more disappointment against the Australian dollar too? We began trading on 1.8222 here, and Monday was mildly pleasing with a rise to 1.8293. The pattern we’d seen against the Kiwi dollar was followed here too, with two days’ worth of falls to come. Wednesday night saw the exchange rate dip to 1.8138. But once again, while the pound did better on Thursday, rising to 1.8239, Friday had a dip in store. This gave us the lowest rate of the week on 1.8069.

 

Notable events in the world of currency

Another drop against the Canadian dollar

We might have expected this. We saw a fall from 1.7041 to 1.6998 this week.

 

Another fall seen against the Swiss franc too

The news wasn’t good wherever we looked last week, it seemed. The Swiss franc got the better of the pound, sending it from 1.2635 to 1.2559 last week.

 

Finally, a slightly better result against the Icelandic krona

You needed to look hard to find good news last week. This time around, we went from 144.125 to a slightly-improved 144.742 against the krona.

 

As things stand, this was not the worst set of results we have ever seen. However, there were concerns about the state of the British pound. At least most of the falls were small ones. Perhaps they appeared worse than they were owing to the rise that occurred in many quarters on Thursday, before the fall happened to close the week.

 

We can but hope next week will bring us better news. Either way, you will discover all the latest exchange rates for the British pound right here.

 

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