Posted by Allison on 11 June 2018, 15:08
Welcome back to a more positive report this time around. We have reported on some poor results for the pound recently, but this time we get to see some positive elements coming into play.
After a disappointing week last week, perhaps the new set of results would bring better news. The British pound started the week trading at 1.3308 against the US dollar. It managed to start on the right foot as well, rising to 1.3387 by Monday night. A drop to 1.3359 the following day didn’t wipe out all that hard work, either. Indeed, it was followed by two good days that took the pound to 1.3431 by Thursday evening. Even though it dropped slightly to 1.3397 on Friday night, it still managed to score a win for the week all told.
The pound got underway for the week on 1.1405 against the euro, where we experienced two good days to start with. This meant we had climbed to 1.1442 by Tuesday night. Unfortunately, two much poorer days followed, so by Thursday night, we had dropped to the lowest rate of the week so far. This turned out to be 1.1347. Friday was somewhat better, but we couldn’t quite return to the starting point. Instead, we stalled at 1.1398.
We’ve seen one good result against a dollar currency this week. Were we about to see a second? The pound began trading on 10.441 against the Hong Kong dollar, before rising to 10.503 on Monday night. We fell back to 10.483 the following day, but then increased our standing to 10.538 by the time the next two days were over. If you were expecting a drop on Friday, you would be correct – but again, we did manage to score a win for the entire week, finishing on 10.511.
If we were to reveal the week saw one bad result and four good ones over five days against the New Zealand dollar, would you assume the week was a good one all told? We think you would, and yet that was not the case against the Kiwi currency. The pound began trading on 1.9088 before dropping on Monday night to finish the day on 1.8995. Although we managed to climb over the four remaining days, it was not quite enough to regain our opening position. Instead, we finished on 1.9073.
We experienced something similar against the Australian dollar too, although we did get a more even mix of results here. From an opening rate of 1.7671, we endured a mix that could have seen the British pound dipping considerably from its opening rate. Instead, it did dip overall, but only to a closing rate of 1.7662 on Friday night. That made it feel as though the loss could easily be made up soon.
This was a standout result to be celebrated. From an opening rate of 1.7269, the pound managed to press ahead and finish the week on 1.7409.
Here too the pound did well. It opened on 1.3151 and reached 1.3262 at the midweek stage, before dipping to close on a still-improved 1.3190 against the franc.
Everywhere we looked, there was something to celebrate. We managed to score a good result here as well, rising from 139.256 to 142.135 all told this week.
This was certainly an encouraging week for the British pound. Whether it will continue for a second week remains to be seen, but we can hope it will be the start of a prolonged period of good news. We know the odds against that occurring are probably longer than we would like, but you never know what may happen next on the currency markets. We shall report back with the latest news – good or bad – next week.