An All-Round Success for the British Pound This Week

Posted by Allison on 31 July 2018, 15:46

Welcome to what looks like a promising currency report for the British pound. We won’t keep you in suspense; read on to find out the facts.

An overview of the currency markets for July 23rd – July 27th, 2018

We begin this week with the British pound on 1.3047. It would soon improve, rising to 1.3138 by the end of the first day of trading. It didn’t continue that way though, instead dropping to close Tuesday’s trading on 1.3126. From there, it was hard to tell which way things would go next. Fortunately, the pound had two good days to follow, which meant by Thursday evening it had improved to 1.3184. Notice we didn’t say Friday. That’s because the pound fell to finish the week on 1.3087. However, we need to take good news where we can get it, and this was higher than the opening rate had been.

Would there be good news against the euro this week though? The pound started on 1.1180 here, and it soon proved to be an up and down sort of week. However, the balance tipped in favour of the ups eventually. That was good news for the British currency, especially as the week got underway on a good note. This saw the pound close on 1.1214 on Monday night. The up and down pattern then progressed, leaving us on 1.1258 by the time Friday’s closing rate was known.

Very often, the Hong Kong dollar follows the US dollar in terms of its rate against the British currency. It would turn out to be the case this week as well. We began trading on 10.240 in this part of the world, before rising to 10.311 come Monday evening. The highest point came on Thursday evening, just as it had against the US counterpart. This gave the pound a closing exchange rate of 10.347. While it dropped to 10.272 on Friday, it was still good enough to secure a rise over the entire week.

Another good result would be nice against the New Zealand dollar this week, and things looked encouraging here from the start. Opening on 1.9286, the pound then rose to 1.9293 by Monday evening. Only a small rise but promising enough. The only dip came the following day, when the pound slipped to 1.9278. From there it was good news all the way through to Friday evening. That was when the pound finished trading on a healthy 1.9340.

So, it had been a good week thus far. Could the pound manage another good result against the Australian dollar to round things off? It opened on 1.7684 here, and if we tell you it followed the pattern shown against the US currency, you can guess what happened next. The lowest rate of the week was the one we started with, and by Friday the pound had improved to 1.7748.


Notable events in the world of currency

A reversal of fortune against the Canadian dollar

You might think this would be another success, but not so. The pound started on 1.7265 before falling in value across three days out of five. This meant it had dipped to 1.7104 by Friday night.


Better news against the Swiss franc

Here at least we had better news. The pound followed the more encouraging pattern by starting on 1.3005, having four good days, and then dipping to 1.3056 on Friday night.


Another dip against the Icelandic krona

The pound managed to do well against many major currencies last week, but it was no match for this one. It started on 138.632 before falling overall to finish on 138.252.


While there were a few surprises in store this week, we did at least manage to climb against most of the major currencies. That was great news for the pound, but would it be able to repeat that on other days? We hope so, but it remains to be seen whether this will come to fruition. We shall be watching to see which way things go from here.