Posted by Allison on 4 April 2018, 12:55
Welcome to the latest currency report, focusing on the achievements of the pound last week. Did we manage to do as well as we wanted to? Only time will tell.
So, the week began in interesting fashion for the British pound. We say that because the first two days saw considerable rises – Tuesday in particular. The opening rate was 1.3826, but by the close of play this had risen to 1.3886. Things got better still on day two, as the pound edged ahead once more – this time to 1.3962. But while the beginning of the week was good, the remainder was anything but. Fortunately, the losses were kept to a minimum; marginal drops were seen each day until Friday brought a closing rate of 1.3938.
Moving onto the euro now, we began trading on 1.1249 this week. The first day was promising as we edged forward to 1.1287, but we experienced a fall the following day. Fortunately, it was mild, dropping us to 1.1280. The good news was this turned out to be the weakest day of the week. From then on, we experienced some impressive results day by day. By Friday, the pound had crept up to 1.1331.
Our third stop is the same as usual, as we determine whether the pound would do well against the Hong Kong dollar. The pound started on 10.841 before getting the same two excellent days it had seen against the American dollar. This meant it finished on 10.945 on Tuesday night. But the pattern continued through the remaining days of the week too, which meant three falls still to come. By Friday, the pound had stalled on 10.931.
You never know quite what you are going to get against the New Zealand dollar. Indeed, this week was turned on its head as it began with two subpar days. We started on 1.9046 and by Tuesday evening this had dropped to 1.8998. However, we said things were turned on their head here, and that continued through the remainder of the week as well. By the time Friday came along, the pound was perkier than ever, and back up to 1.9265 as a result.
One more result to bring you now, and that is the situation regarding the Australian dollar. The week opened with the pound on 1.7742 and we dipped to 1.7655 on the first day. This was rather more of an uncertain week, with no way of knowing whether each day would bring a rise or a fall. Eventually, the week ended on 1.7971 – which at least was significantly better than we’d opened with.
This was a week for celebration, because the pound managed to soar from 1.7828 to 1.8228 by the time trading was over. Could we better that next week?
This was good to celebrate too, since the pound rose from 1.3156 to an impressive 1.3259 this week.
You never know how things are going to progress against the Icelandic currency. This week showed there were drops to be coped with, but we also had an overall rise from 138.286 to 139.240.
So, you can see this was overall an excellent week for the pound. March is shaping up to be quite promising, although you can never tell whether one reasonable week will turn into more than one.
We hope to bring you more good news next week, but even if the outcome is anything but good, we will bring you the latest results concerning the British pound on those all-important currency markets. It is good to celebrate some great results, especially as we never know how long they will last for on the markets.