Posted by Allison on 22 July 2014, 07:50
Last week was a disappointing one for the British pound. How would this week pan out? Let’s get the answers now and see.
Our opening rate for Monday morning against the US dollar was 1.7120 but we immediately dropped back to 1.7106 by the end of the day. Tuesday panned out better though, as we rose to 1.7164 by the time the day was finished. Clearly it was an up and down kind of week and unfortunately by the time we went through a few more days and arrived at Friday, the pound dropped to 1.7086. At least the losses this week were minimal – here at least.
How would things go against the Euro? Well, we opened up on Monday morning with a rate of 1.2592 and once again day one didn’t go in our favour. The pound dipped to 1.2553 before recovering the day after and closing on 1.2608. The good news here was that it never went back to the 1.25 region again all week. This meant that although we experienced ups and downs here, they were never enough to knock the pound back down to its starting rate. So it ended the week against the Euro on 1.2633.
Over in Hong Kong the pound began on 13.268 against their dollar and again had a bad day to kick things off. This resulted in a drop to 13.257 by Monday night. The pound then bounced back to 13.302 by Tuesday night but this proved to be too much too soon because the pound never regained such heights for the remainder of the week. Instead it dropped and carried on dropping, closing Friday night on 13.244.
The opening rate against the New Zealand dollar was 1.9414 and while we didn’t get a good start here either, the rest of the week wasn’t bad at all. In fact by Wednesday night we were on 1.9673 and the following day we improved again to 1.9685. Even though we fell back slightly to 1.9682 on Friday evening, this was still a far better rate to close on than we’d had against the other currencies.
Finally let’s see where we stand against the Australian dollar. The pound opened on 1.8213 and again we saw the Monday drop in position to 1.8202. However Tuesday was far better, resulting in a closing rate of 1.8310. We still saw ups and downs throughout the rest of the week though, and unfortunately the pound couldn’t hold on to the major improvements. Instead it closed on 1.8201, which was something of a disappointment.
The pound began on 1.8213 here and although it had better results during the week it still ended up lower on 1.8201 by Friday night.
Here though the pound did do well, climbing from a starting rate of 1.5291 to close on a healthier one of 1.5342.
Here too there was good news, as the pound climbed from 194.655 to close on 195.640.
So the story this week was that there were some good results out there, but you really had to look more closely to see them. Sometimes the main currencies weren’t the ones to reveal the good results. Instead we saw other currencies allowing the pound to dominate them a little in the results, although you could never quite be sure whether this would last. Perhaps next week we shall be back to all disappointing results, or maybe we will have a clean sweep of the board with good results. You can never quite tell.
Whatever the outcome may be we shall be here to examine the results and report them to you. Make sure you are here to read more next time on the currency markets.