Posted by Allison on 8 October 2014, 12:47
Welcome to another report revealing how the British pound would perform on the markets this week. As you may already have realised we have some good results for you.
As the week got underway the British pound was standing at 1.6340 against the US dollar. We didn’t have the best of starts though as we dropped back to 1.6329 by the end of the day. The following day was better as we rose to 1.6402 before losing some ground over Wednesday and Thursday. This was an uncertain time for the pound, and although it did recoup some losses on Friday it only managed to finish on 1.6308. This was lower than its starting rate had been.
Let’s look at the euro now, where the pound began on 1.2714. This dropped marginally to 1.2712 on Monday before rising to 1.2722 by Tuesday evening. Would this increase in our favour or was there more news to come? As it turned out we had some more good results that took us to 1.2813 by Thursday evening. Unfortunately the pound couldn’t quite sustain it for another day and we finished up on 1.2809 on Friday, although this was still better than Monday’s opening rate.
The opening rate against the Hong Kong dollar was 12.665 as the week opened, but by Monday night the pound had slipped back to 12.657. We then experienced much the same pattern we’d seen elsewhere with an up and down few days that meant we had little idea what would happen next. Unfortunately the pound couldn’t quite get the better of the Hong Kong dollar and we finished up with a rate of 12.651 on Friday.
Where would we end up against the New Zealand dollar? Well, we started on 2.0068 which was encouraging and we started in the right direction too. We closed on 2.0119 on Monday night but this was only the beginning of a solidly good week. By Friday night the pound had climbed by an amazing amount, closing on 2.0635. This meant we’d added 0.0567 over the course of the week.
Finally we have to find out whether we would do as well against the Australian dollar. Our opening rate was 1.8208 and we immediately jumped to 1.8409 by the time Monday was over. Was this going to be an even better week than we’d seen above? Well we did have a great week where no day saw us lose ground, but the improvements after Monday were rather less notable than those we had seen earlier on. We did however manage to close out the week on 1.8551, so it was hardly a bad result!
There was another improvement to note here as well, taking the pound from 1.7938 to 1.8122 over the course of the week.
Here too we saw an improvement as the British pound went from 1.5342 to 1.5461 over the course of the week.
The Icelandic krona managed to hold its own against the pound but we still managed to improve a little. We started on 195.220 and eked out a slight improvement to 195.821 by the close of play on Friday.
So it was a very good week all in all. The British pound certainly had one of the better weeks we have witnessed in some time. Other weeks have had good results but they seem to have been rather more hard-fought than the ones we saw here. It remains to be seen whether these results will continue next week or whether there are doubts over the strength of the currency long-term. We shall be here to discuss the results however good or bad they might be, so do check in with us again then.