Mixed Results for the British Currency in a Topsy-Turvy Week

Posted by Allison on 13 November 2018, 17:27

Which currencies would get the better of the British pound this week? Not all of them were slated to do so, but we picked our way through the results to find the good and the bad.

An overview of the currency markets for November 5th – November 9th, 2018

We will begin as always with a look at how the British pound stood up to the US dollar. Opening the week with an exchange rate of 1.2993, the pound dipped slightly to close day one on 1.2989. However, we had a very different picture on day two, as the rate rose to 1.3088 for the pound. This got better still the following day, rising to 1.1342, although that turned out to be the week’s high point. Two falls followed, although we still managed to sit higher by Friday night, stalling there on 1.3033.

This would also prove to be a good week against the euro. This has been an uncertain area of late, although we would see little of that this week. Starting on 1.1380, the British pound soon climbed to reach a new high of 1.1453 by Tuesday evening. While we did dip to 1.1441 the following day, we then had two far more promising days to finish, redressing the balance once more. Friday night saw the pound standing tall on 1.1487 – much improved from the start of the week.

But would we see yet another good result against the Hong Kong dollar as well? We had a wobbly start here, dropping from the opening exchange rate of 10.173 to an only slightly lower 10.172 the first day. However, two good days then followed, taking the British currency higher to 10.289 by Wednesday night. While we then saw a dip over the final two days of the week, it only took us back to 10.205. That meant we still had a good result for the week all told.

Exchange rates can always prove uncertain when we are assessing the performance of the pound against the New Zealand dollar. So it proved again this week. We started on 1.9522, and while we fell back to 1.9517 on day one, we recouped those losses on Tuesday, increasing to 1.9590 as we did so. Unfortunately, that was about as good as things would get. We ended up falling to 1.9315 by the close of the week, representing our first poor result thus far.

Finally, should we prepare for a similarly bad result against the Australian dollar? We started the week on 1.8026 here, before rising over the first couple of days to reach 1.8083. Not a huge rise, and unfortunately not enough to protect the currency from the falls that were now to come. Thursday night saw the pound dipping to 1.7975, and we were only able to increase that to 1.7992 before the week was over.

 

Notable events in the world of currency

A much better week against the Canadian currency

This brought us three good results out of five across the week. The pound opened on 1.7020 before eventually climbing to finish the week on 1.7195 against the Canadian currency.

 

Another positive outcome against the Swiss franc

This also proved to go the way of the pound, even though we again saw a mix of three good days and two not-so-good. This meant that overall the pound rose from 1.2998 to 1.3111.

 

Five out of five against the Icelandic krona

While not the currency exchange everyone focuses on, it does illustrate how the British pound attained some excellent results last week. It climbed from 157.163 to 159.098 across the entire week.

 

So, there were some good results this week with just the odd blip in the progress made by the British pound. But will it continue? Will the other currencies end up experiencing a better week next time? Regardless of the outcome, we’ll round up all the news for you at the same time next week. Don’t miss it.

 

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