Another Strong Performance for the British Pound

Posted by Allison on 30 January 2018, 02:24

We aren’t used to bringing you consistent good news relating to the British pound. But that is what we have once more this week, so let’s dive in and find out how good it was last week.

An overview of the currency markets for January 22nd – January 26th, 2018

The British pound had a good week against the US dollar last time around, so could it replicate that success this week? The opening rate was 1.3868, and this immediately improved to 1.3894 by the time Monday’s trading was over. That was just the beginning, though, because the next three days were just as encouraging as that one. Wednesday saw the biggest boost, from 1.3946 the previous day to 1.4167 at the midweek point. Even a dip on Friday couldn’t damage the overall performance the pound put in, which saw it finish the week on 1.4239.

We soon noticed the same pattern was in play against the euro as well. Four good days were followed by one not-so-good one, although the drop that day was far from enough to lead to an overall loss. We began trading on 1.1316 here, before climbing steadily over those four days to reach a high of 1.1489 on Thursday night. The slight drop to close the week took the pound to a closing rate of 1.1450, so that equated to an overall rise of over a cent.

We were half-expecting a similar pattern to come to the fore against the Hong Kong dollar as well, and thankfully that is exactly what occurred. Again, we had four enjoyable days of seeing the British pound go from strength to strength. The currency began trading for the week on 10.842 before finishing Thursday evening on 11.144. While we dropped back to 11.132 on Friday, there was little reason not to celebrate another good week and a strong performance here.

We sometimes see a different pattern against the New Zealand dollar, so it was not a huge shock to find that was the case this week. Rest assured it was far from a disappointment though. The opening rate here was 1.9047, which immediately dropped to 1.9024 on day one. The rest of the week was up, up, up though, and that meant Friday’s finishing rate was far better, on 1.9400. Would this lead to a chance at reaching the two-dollar mark once more soon? We’ll be interested to see whether that occurs.

We went back to the ‘four good days and one bad’ pattern against the Australian dollar though. We started the week on 1.7316 before rising steadily through until Thursday night. That enabled us to reach a high of 1.7645 here. The British pound then dipped to 1.7610, which still meant we had done very well yet again here.

 

Notable events in the world of currency

More encouraging results from the pound versus the Canadian dollar

Here we managed to rise from 1.7253 to 1.7547 over the course of the week – more great news there.

 

A different picture against the Swiss franc

We started well, on 1.3306, and rose to 1.3460 by Wednesday evening. But the remainder of the week was not as good, as the pound fell to 1.3318 by Friday night.

 

A reasonable rise against the Icelandic krona

The pattern here was more uncertain, with ups and downs seen throughout the week. However, the pound managed an overall rise from 142.541 to 143.319 this week.

 

You can see things were largely very good for the British pound last week. If you were looking for some great results on the currency markets, the pound certainly managed to achieve those. It seems to be on an upward trajectory right now, although we cannot be certain how long this will last for. Are we going to see more of the same next week? We will be interested to see whether that is the case. If so, we could be in for an exciting outcome, thanks to the ongoing currency exchange rates we are looking at.

 

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