Posted by Allison on 10 December 2018, 17:37
Welcome back to another look through the notable results for the British pound on the currency markets. Where will we end up this week?
Would this be another uncertain week on the currency markets? The British pound started the week at 1.2753 against the US dollar, before dipping to 1.2711 on day one. It then climbed to 1.2810 by Tuesday evening, so it was not all bad news. There were still several days to go though, and unfortunately the pound dipped over the first two of those. By Thursday night, it had fallen to 1.2763. However, it rose to finish the week on 1.2764 and that was better than the opener had been on Monday morning. A surprise, but a good one, nonetheless.
Our next stop is with the euro. This was never going to be a predictable few days, given the circumstances we are currently facing. The pound began trading on 1.1227 before dropping to 1.1217 on Monday night. It then rose over the next two days though, giving us a stronger exchange rate of 1.1250 by Wednesday. It was a shame this turned into two falls for the remaining days of the week. It sent us down to 1.1225 by Friday night, although this only marked a mild dip over the whole week.
Last week did not see a good performance against the Hong Kong dollar, leaving us on 9.9756 on Friday night. This fell further to 9.9399 on Monday. Fortunately, we then rose to hit 10.001 on the following day, giving us some hope that we could attain a far better rate at the end of the week than we had at the start. Unfortunately, there were some more falls on the way, taking us to 9.9706 by Thursday night. While we saw a slight improvement to finish on 9.9754 on Friday, it gave us just a slight fall over the whole week, which was not what we had hoped for.
So, onto the realm of the New Zealand dollar now, where we can never tell how things are going to progress when compared to other parts of the world. If you recall, we ended last week’s trading on 1.8588. Monday did not give us the start we wanted, instead seeing us dip to 1.8369. That was quite the drop to open the week on. Fortunately, things only got better from then on. We achieved four encouraging results between Tuesday and Friday night, giving us the chance to recoup some of those early losses. Once again, though, we ended up just short of the opening rate. Here, we managed to crawl back to 1.8586 by Friday night.
Did we get something similar against the Australian dollar too? Our opening rate here was 1.7475, before falling noticeably to 1.7222 by Monday evening. We then had three better days, taking us to 1.7704 and the highest rate of the week by Thursday night. That was quite a rise, so even though we fell back to 1.7697 by Friday night, we still managed to achieve a good result here at least.
We managed to move up from 1.6971 to 1.7096 against the Canadian currency this time around.
Here, though, we had bad news. The pound started trading on 1.2731 only to fall to 1.2683 by Friday night.
Here, we did have some good news over a mostly encouraging week. From end to end, the pound went from 156.509 to 156.592 this week.
So, we have some reasonable results to pore over there, albeit not as many as we would have liked. Perhaps next week will bring better news, although with Brexit as uncertain as ever, this seems unlikely. We are in the most unpredictable time for the British pound, which makes this report essential reading as we go from one uncertain day to the next.