Posted by Allison on 17 October 2018, 18:29
Welcome to our latest look at how the British pound is faring on the currency markets. Did it do well last week, and if so, just how well did it do?
Where would this week take us? It began with the pound on 1.3050 versus the US dollar, but that soon dipped to 1.3041 on day one. However, that early dip was soon replaced by a far stronger performance over the next three days. By the time Thursday evening arrived, the British pound was sitting at 1.3230 – quite a climb from its opening figure. Even though it dipped to 1.3206 by the close of play on Friday, it wasn’t enough to wipe out all those gains.
Would we do as well against the euro, where things are understandably shaky at present? The pound opened on 1.1342 here, before rising to 1.1362 before the day was out. The following two days went in our favour as well. By Wednesday evening, the pound had managed to rise further to reach 1.1435. While the remaining two days went the way of the euro, it could not put a dent in the achievements we’d managed thus far. Instead, the pound finished in better shape on 1.1410.
The British pound appeared to be having a good week thus far. It opened trading on 10.223 against the Hong Kong currency, and while we saw a dip here to open the week, it didn’t last. Monday’s ending rate of 10.211 was soon left behind, as the pound experienced three good days. This meant it closed out Thursday’s trading on an impressive 10.369. We saw a dip on Friday that mirrored the dip seen against the US dollar. However, the pound still finished in good form on 10.348.
Three good results so far then – could we achieve two more elsewhere in the world? This would be an interesting head-to-head. The pound began on 2.0171 and then put in four excellent days of trading that took it to 2.0404 by Thursday evening. While it dropped considerably – losing 0.641% in the process – on Friday, it finished on 2.0273. This was still a cent higher than the opening rate had produced. It was a shame to lose such a lot of ground on the final day, but it had still done well overall.
It is never a huge surprise to see a similar pattern played out against the Australian dollar. Here, the pound started the week on 1.8454 before rising steadily over the first four days to reach 1.8646. Not quite as impressive as the pattern seen against the Kiwi dollar, but good nonetheless. It dipped on Friday, closing on 1.8525, but again it still represented a good week.
Another great performance was seen in this part of the world, as the pound rose from 1.6857 to 1.7177 over the course of the week.
This wasn’t as impressive as the marked rise seen against the Canadian currency, but it still gave us some good news to celebrate. The pound began the week on 1.2967 before finishing on 1.3087.
Indeed, we would. The British currency opened the week on 148.698, and as we had seen elsewhere, the first four days were excellent. It didn’t fall far on Friday either, stalling instead on 153.354.
So, good news all around this week for the British pound. The Brexit negotiations have led to some troubles on the markets at times, but this week proved this was not always the case. It is difficult to predict what may happen next, but we shall be watching closely as the week goes on. Will we be back next week with plenty more good news? You can rest assured we will have all the answers for you then – good or bad.