Posted by Allison on 15 June 2015, 13:15
Welcome back to another report fresh from the currency markets. It’s time to see just how well the pound did last week.
The British pound opened proceedings on 1.5331 against the US dollar last week. From that point it had a bad day, dropping to 1.5252 by Monday night. However it recovered well over the two-day period up until Wednesday night, rising to 1.5484 in the process. While there was a slack period until Thursday evening, taking it back slightly to 1.5458, the pound did manage to finish on a good note, ending Friday’s trading on 1.5486.
So we had a good start to the week there, but could the pound do just as well against the euro? Here we began on an exchange rate of 1.3666 but the first two days were disappointing as the pound dropped to 1.3598. Fortunately the second half of the week was much better. Indeed by Friday night and a series of good performances the pound had finished on 1.3802 – a good rise all in all.
Over in Hong Kong the opening rate for the pound was 11.887. This week was more of an up-and-down affair in this part of the world. After a fall to 11.825 on Monday the pound rose steadily over two days to finish Wednesday evening on 12.005. Another drop on Thursday was replaced by a better result to end the week as the pound finished Friday evening on 12.006.
The pound began the week’s trading on 2.147 against the New Zealand dollar and it immediately perked up to 2.1557 by Monday night. In fact there was only one dip this week and it came on Tuesday as the pound dropped to 2.1369. We may have wondered whether this was a bad sign. However as we now know there was a good week coming up and three days of healthy improvements. In fact by Friday night the pound was worth an impressive 2.2198 against the Kiwi dollar.
Finally we should wonder whether the pound will do as well against the Australian dollar. The opening rate for the week was 1.9863 and this improved to 1.9971 on Monday evening. We were now wondering whether we could break the $2 barrier here too, as we had against the Kiwi dollar a while ago. While we dropped a little on Tuesday we didn’t wait much longer for an answer. In reality the pound achieved a rate of 2.000 on Wednesday. We managed to improve on that on Friday too, after a lull on the day in between. This meant we closed out the week on 2.009 against the Aussie dollar.
The pound dropped back here, falling from 1.9164 to 1.9053 over the course of the week.
Here we do indeed have better news. The pound started the week on 1.4320 and finished off on 1.4449.
Here we managed to improve our standing from a starting rate of 203.139 to 205.838 by the time the week was finished.
So it had been quite a good week all round for the British pound. We know this may not last as the currency markets are nothing if not erratic and filled with ups and downs. However we do know it is never a bad idea to keep abreast of the latest happenings in the currency markets. That’s exactly what we manage to do here each week.
Of particular interest this week was the performance of the pound against the New Zealand dollar. In past weeks we have wondered whether it could surpass the two dollar mark. Now we are way past it and wondering how much further we might end up reaching. Surely there will be a week coming soon where the pound will drop in value again here?