Solid Results for the British Pound

Posted by Allison on 5 March 2019, 03:41

With current events influencing the uncertain position of the British pound, how good or bad would this week prove to be?

An overview of the currency markets for February 25th – March 1st, 2019

As the week began, the pound began trading against the US dollar at 1.3057. The day was to end on a positive note too, as the pound increased its value there to 1.3119. Too much too soon, or was there yet better news to come? It turned out there was better news to come, because by Wednesday evening the pound had managed to increase its position to finish in good style on 1.3308. That would prove to be the high point of the week. However, while the pound then slid in value over the final two days, it stalled on 1.3211 on Friday night. That was still a solid improvement over the entire week.

The starting rate against the euro turned out to be 1.1517 last week. From there the pound enjoyed another positive day, this time rising to 1.1552 by the day’s end. And again, the following two days were also good for the British currency, as it soared to 1.1709 by Wednesday’s end. While the final two days followed much the same pattern and saw a drop for the pound, it still managed to finish in better form on 1.1620.

A pattern was beginning to develop. Would we see the same against the Hong Kong dollar? We began on 10.247 here, and once again the first day was promising, taking us to 10.297 as we went. The pattern was followed through until Wednesday night too, showing us the most promising closing rate of 10.446. While the now-familiar dip then occurred, the pound still managed to finish on 10.369 this time around, giving us yet another good result here.

When good results come from across the board, it seems more likely we can secure a good outcome over in New Zealand and Australia too. Starting in New Zealand, we began on 1.9038 and enjoyed a steady rise to finish on 1.9432 on Wednesday night. However, this would not be the best rate of the week. That would come the following day with a closing rate of 1.9470. A slight dip to close the week on 1.9436 therefore proved to be no concern.

Finally, we can see whether the pound managed just as well against the Australian dollar. With such a good rise against its Kiwi counterpart, perhaps we would see something similar here as well. We did, indeed, opening on 1.8270 and then progressing well throughout the first four days, just as we had against the New Zealand dollar. This gave us a closing rate of 1.8695 on Thursday – a rate that dropped only slightly to 1.8661 to end the week. This had been a good week, indeed.

 

Notable events in the world of currency

Another huge leap ahead for the pound versus the Canadian dollar

The pound started on 1.7152 here, before progressing steadily throughout most of the week to land on 1.7566 to end it.

 

A more subdued performance against the Swiss franc

Subdued, perhaps, but still notable for making an improvement. The pound climbed from 1.3068 to 1.3197 here.

 

Even the krona was no match for the pound

The pound started on 156.307 against the Icelandic krona before rising to 157.924 by the close of play on Friday night.

 

There was plenty to appreciate this week. The British pound has put in performances like this before, but this was a rare occasion when all the news came good in the end. We may have lost a bit of ground over the last day or two, but it did not wipe out the huge gains made prior to that. Perhaps this indicates the promise the pound holds right now. Of course, next week could produce very different results, as we are all aware. Whatever happens, we will have the next set of results for you when they become available.

 

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