A Rollercoaster Week for the Pound

Posted by Allison on 11 March 2014, 13:34

Here we are with the next in our series of currency reports. If you want to know how the British pound performed over the past week, you are in the right place to do so.

An overview of the currency markets for March 3rd – March 7th 2014

Here we go again with another set of results for the British pound – but would they be good or bad ones? We began the week at 1.6717 against the US dollar – not a bad position given the fact we’d been hovering around the 1.60 mark for a long time prior to that. We added on a little on day one before falling to 1.6696 on day two. We then saw the same picture over days three and four before we finally improved to a closing rate of 1.6770 on Friday night. Would this be the start of a good week overall however?

The opening rate against the Euro was 1.2102 and once again we had a good first day, taking us to 1.2149 in the process. We then dropped the following day before rising to 1.2169 for the midweek point. However this turned out to be as good as things would get. By the time Friday closed on the currency markets the British pound had slipped back to a week-long low point of 1.2070.

Over in Hong Kong, we wondered whether perhaps the pound could do better. The opening rate of 12.970 edged up to 12.978 on day one before once again falling back a little on Tuesday. How would the rest of the week pan out though? We saw an up and down series of results for the remaining few days, but fortunately here at least we managed to save the best for last. We ended up on 13.013 for the last day of the week – a good result to be pleased with.

Over we go to New Zealand for the next step in our weekly currency journey. Here we started off with a rate of 1.9848 before rising to end Monday’s journey on 1.9981. We were not destined to break through the two dollar barrier though – instead we would start falling from then on to hit a low of 1.9681 on Thursday night. This did at least mean we could rise to 1.9723 to close the week.

Finally let’s see whether the pound could achieve anything against the Australian dollar. We began on 1.8655 and rose to 1.8749 to finish the day, but this was the best we could manage. From then on until Thursday night we experienced a series of losses that sent us back down to 1.8421. However, unlike our last minute effort against the New Zealand dollar we could do nothing of the sort here. Instead we fell further to finish on a disappointing 1.8365.

Notable events in the world of currency

More disappointment against the Canadian dollar

Here too the pound was in for some bad news – it fell from 1.8586 to 1.8420 over the week as a whole.

A slight improvement against the Swiss franc

Here was a surprise – we actually managed a marginal climb against the Swiss currency, rising from 1.4708 to 1.4714.

Another drop against the Icelandic currency

Here though we were back to bad news – the pound fell from 189.503 to 189.026.

All in all then most of the news was disappointing this week. The British pound has had some good performances on occasion but this was not a week that fitted with this pattern. Indeed, even when we did experience a good result we tended only to increase the pound’s worth for a day or so before dropping back to a less appealing position.

We can but hope we are able to bring you better news next time around, but it remains to be seen whether that will occur. The pound has been doing reasonably well against the US dollar, but there are definitely struggles going on elsewhere. We shall see whether the pattern continues or not next week.