Posted by Allison on 7 December 2017, 05:14
Welcome to this week’s currency report, which focuses on the last few days of November into 1st December. How would the pound make that transition?
It is always refreshing to start the week on a good note, and the British pound did that this week against the US dollar. It went from 1.3326 to 1.3372 today – an encouraging rise to begin with. It did dip on Tuesday, falling to 1.3277, though, giving us concern about how the remainder of the week would pan out. We needn’t have worried as it turned out, because the pound was able to maintain a much better performance to close out the remaining three days of the week. In doing so, it reached a healthy 1.3488 by Friday evening.
With a good performance against the American dollar, could we achieve much the same against the euro as well? The opening rate here was 1.1220 but the first two days were anything but good for the British pound. Instead, it dipped to 1.1168 by Tuesday evening. We did manage to turn that around over the next two days though, rising to an impressive 1.1365 by Thursday night. Even though we dipped again on Friday, we fell to a mere 1.1348, which was over a cent healthier than we’d begun on.
We’d done well against the US dollar, so could we do well against the Hong Kong dollar as well? The opener here was 10.406 and we did follow the pattern we had established in America. One good day saw us improve to 10.433 by Monday night, before dipping to 10.358 the day after. However, from that point on, we achieved some healthy results on each day. That meant we managed to secure a closing rate of 10.537 by the time the week was up.
Three good results so far this week, albeit achieved in different ways. So, would our experience against the New Zealand dollar add a fourth success to the mix? We had far from a good start, opening on 1.9362 and falling over the course of a two-day period. That meant Tuesday evening witnessed the pound stalling on 1.9161. Thankfully, the remaining three days of the week presented us with a far different picture. We ended up soaring to 1.9689 by Friday night – a rate almost unbelievable given the poor start we had made this week. This was undoubtedly a success.
So, with four good results thus far, could we add a fifth in our standing against the Australian dollar as well? As it turned out, we followed the pattern we had seen elsewhere… but not the one we had seen against the Kiwi dollar. We opened trading on 1.7487 for the week, before rising to 1.7517 by Monday evening. Tuesday presented us with a fall to 1.7443, but the remainder of the week gave us a much better picture once again. By Friday night, we had achieved a closing rate of 1.7809.
After reading the above results, a rise from 1.6935 to 1.7364 against the Canadian dollar this week was hardly a big shock.
Here, we are referring to the Swiss franc. The pound opened trading on 1.3072 this week, before rising over three days of good news and riding out the bad, to reach 1.3267 by Friday night.
The krona was also no match for a clearly-invigorated pound last week. We rose from 137.137 to 139.855 by the time the week was done.
This was a great week for the British pound, with no poor results in sight. We could hope for more of the same next week, but at least we finished November in good order and made an excellent start on the final month of 2017. We don’t yet know where the pound’s journey will end this year, but we cannot wait to find out.