An Impressive Week of Work from the British Pound
Posted by Allison on 7 May 2019, 13:45
We have plenty of good news to share this week, so make sure you are settled and ready to read our currency report.
An overview of the currency markets for April 29th – May 3rd, 2019
The British pound stood at 1.2920 against the US dollar as the first day of the new week began. It enjoyed a slight improvement to 1.2938 by the end of the day, so we had reason to be cautiously optimistic for the remainder of the week ahead. It certainly seemed to pan out that way, as the pound then had two more good days to take it to 1.3053 by Wednesday evening. Even though it dipped to 1.3032 on Thursday night, it still had the last word against the American currency to finish the week in good style. This took it to 1.3174 by Friday evening – a healthy improvement.
Could the pound manage something similar against the euro? It had a starting exchange rate of 1.1588 here, this time dipping to 1.1565 by the end of Monday’s trading period. There was much better news to come though. In fact, the remainder of the week saw gradual rises on each day. By Friday night, the British pound managed to finish trading on a respectable 1.1762 – some way ahead of its opening rate and giving encouragement for a better outcome for the next week, too.
Our next stop takes us to Hong Kong, where the pound’s performance against that dollar often mirrors the one seen against the US dollar. Here, we began the week on 10.134 and once again enjoyed a rise to start things off – this time taking the pound to 10.148. From there, we had two more good days, just as we had against the American dollar. This time it meant the pound reached 10.240 by Wednesday. A slight dip to 10.222 followed on Thursday, before the pound finished off with the best rate of the week – 10.335 – to close out Friday night.
Our fourth stop of the week takes us into interesting territory, as always. The pound began trading on 1.9398 against the New Zealand dollar, before upping its position to 1.9402 that same day. While it doesn’t always follow the pattern seen against other dollar currencies, the pound did follow it this week. That meant two further rises took it to 1.9711 by Wednesday evening, before a marginal fall the following day saw it end Thursday on 1.9695. It did save the best for last once again though, which meant it finished on a healthy 1.9832.
Finally, we should see whether the pound managed to have a good week against the Australian dollar as well. Starting on 1.8348, it soon dipped to finish day one on 1.8336. This bucks the trend we have seen elsewhere. However, it did then improve to 1.8492 on Tuesday, so it soon caught up. The trend from there was certainly on the up, as the British pound forged ahead to close out an impressive week on 1.8764 – quite a leap from Monday’s opener.
Notable events in the world of currency
More of the same good news against the Canadian dollar
Here, we managed to improve from 1.7393 to 1.7683 over the course of the whole week. Clearly, the British pound was having a good time this week.
The pound was up for the challenge against the Swiss franc as well
In this case, it climbed from 1.3167 to reach a pleasing exchange rate of 1.3391 by Friday night.
Another good performance against the Icelandic krona
Wherever you looked, the pound was doing well. It climbed from 157.794 to 159.912 against the krona this week.
It was difficult to find any bad news this time, and that is good to know. The British pound may well struggle to maintain this performance, but at least we have lots of good news to read about this week. Next week may be different, but we shall be here to let you know whether that is the case.