Posted by Allison on 28 July 2014, 13:56
Welcome to another currency report, which will bring you some more insights into how powerful (or not) the pound is at the moment.
So the week began with the British pound standing at 1.7086 against the US dollar, and things did not begin well. Instead the pound slid back to 1.7078 by Monday evening. Tuesday saw a similar slide and when Wednesday produced a lower rate of 1.7027 we began to wonder if we would ever see a good result at all this week. In fact this rather pessimistic thought turned out to be true. The pound closed out trading for the week on a low point of 1.6987.
Over in Europe we had the likes of the Euro to contend with. Our opening rate here was 1.2633 but we actually managed to eke out a tiny improvement here, rising to 1.2634 by the end of the first day. This improved to 1.2650 by Tuesday evening before the pound started to dip a little. Despite the fact it slid back to 1.2623 on Thursday evening it then rose to finish the day on 1.2639 by Friday evening.
Over we go to Hong Kong now and the pound opened proceedings on 13.244 here. Unfortunately we immediately dipped back to 13.239 on day one, before sliding a little further to 13.219 on day two. There was worse to come though, as it became clear we slipped back to our worst point of the week on Friday. That was when we closed on a disappointing 13.165 for the week.
Let’s go over to New Zealand now to see whether we could do any better here. We started on 1.9682 and dropped again on day one, this time falling to 1.9650. Would this be yet another bad result? Things changed a little over the next day, rising to 1.9688 on Tuesday before dropping again the following day. Where would it all end by Friday evening? The answer wasn’t as bad as it could have been. The closing rate here was 1.9879, as the pound managed to keep the best two days’ performances until the last minute.
Finally we can see whether a similar picture was borne out against the Australian dollar. Here the pound began the week on 1.8201 and crept up to 1.8202 on Monday before dropping back over the next few days. It finally came to rest on a disappointing 1.8061 on Friday night.
The pound started on 1.8360 but fell back to 1.8292 by Friday night this week against the Canadian dollar.
Here we witnessed some distinct ups and downs throughout the week. The pound began on 1.5342 against the Swiss franc, but by the time the week was out it had edged up slightly to 1.5359.
The pound did not win in every area though. Instead it started out on 195.640 against the Icelandic krona and then fell back to 195.546.
It was a demanding week all in all, and that meant we could not enjoy a wide range of good results for the British pound. There were one or two good results to be found, but you had to go searching for them if you wanted to find them. The best result was by far the one achieved against the New Zealand dollar, but whether that will last through another week remains to be seen. Perhaps we can hope for better all-round next week, depending on how things pan out.
Whatever may happen we shall round up the results and present them to you here as we always do. Perhaps we shall have some better results to report back with, but even if we don’t you will find them here next week. We look forward to seeing you here then – and keep an eye on those currency markets in the meantime.