Posted by Allison on 19 February 2014, 11:40
It’s hard to believe we are halfway through the second month of the year already, but here we are. Will the pound make a good effort and end the week on Valentine’s Day with some good results to be proud of?
Let’s see then how things started as we approached Valentine’s Day. The pound was worth 1.6326 against the US dollar on Monday morning, and this improved considerably to close the day on 1.6399. We then saw another improvement the following day, taking the pound to 1.6462 in the process. This began a trend that would not be denied throughout the entire week, and as the week finally closed the last exchange rate to be seen was an impressive 1.6708. It is rare that the British pound could ever put on this amount against the US dollar in a single week.
Moving on to the Euro now, the pound began the week on 1.2027 here. There was a slight dip to 1.2025 by the end of the day, but this would turn out to be the only dip we saw all week. The pound didn’t put on as much as it had against the US dollar, but the Euro had no answer for the series of steady increases the pound had exhibited. This meant that by the time the week was done the pound was worth 1.2189.
It’s time to check on the exchange rate with the Hong Kong dollar now. The pound started the week on 12.693 and again it had a good start, edging up to 12.721 by Monday evening. Nothing could stop the pound from improving its standings against the major currencies this week, and by the time Friday rolled around in this part of the world the pound was worth more at 12.958.
We have another opportunity to check on our status against the New Zealand dollar now, where we stood at 1.9800 on Monday morning. We improved here too, adding on a little to end on 1.9826 that day. We had a slight dip the next day to 1.9760 but this turned out to be the only dip we would see all week. From that point on the New Zealand dollar had nothing to fight back with, and we ended up closing out the week on a superb rate of 1.9965. We were once again near the two dollar mark – perhaps next week shall be the week we conquer it.
Finally could we achieve another good result against the Australian dollar? Our opening rate here was 1.8255 and we raised our game to 1.8348 on Monday. However we dropped back on Tuesday, falling to 1.8234 in the process. As it turned out, after a week of raises against virtually every other major currency, the pound would have an up and down week against this particular dollar. It rose to 1.8572 on Thursday before finally dropping back to 1.8499 by Friday evening.
The pound did really well here too, rising from 1.8071 to 1.8305 over the week as a whole.
The rise here wasn’t as marked but it did still produce a good outcome for the pound. It started on 1.4718 and finished on 1.4897.
Here the pound managed to improve from 188.709 to 191.013 as the week ended.
So it was definitely one of the best weeks we have seen from the pound so far this year. If things go well we could end up seeing another good set of results next week; however things rarely go that well two weeks in a row. It will be interesting to look at the results for next week to see how good they are. We’ll let you know in due course.