Posted by Allison on 4 April 2018, 13:00
Welcome to our latest currency report – a look at how the British pound would fare on the currency markets. Did it manage to produce the outcome we were hoping for?
Here we go with a brand-new week, and the British pound started well against the US dollar. It opened on 1.3938 before rising to close out the day on 1.4052. That gave us a good base to work from, but we dipped the day after, sending us back to 1.3995. Fortunately, the remainder of the week was rather better. The pound managed to creep ahead over the final three days, finishing Friday night on an impressive 1.4144.
Our second stop is with the euro, and here too we had a good week. We began well on 1.1331 before rising to 1.1416. We again had a poor day on Tuesday, this time dropping to 1.1400. Fortunately, the remainder of the week was better, and by Friday night we had achieved two good days and one slight drop. This meant we ended on 1.1456 – and again, that was better than Monday’s opener.
Moving onto our position against the Hong Kong dollar, we can see we began on 10.931 here. Again, day one was a good one, as we rose to 11.021. Could we take that further? Well, Tuesday proved once more to be a disappointment, but we were able to recover from the drop to 10.978. Three good days followed that result, which meant by Friday night and the close of trading for the week, we had reached an exchange rate of 11.100.
If we told you we had three disappointing days and two good ones against the New Zealand dollar, you would be forgiven for thinking this was going to be a bad week. However, nothing could be further from the truth. The pound began the week on 1.9265 – a good rate but one we would like to improve upon. The two good days were sufficient to allow the bad ones to be mild in comparison. That meant by Friday night, the pound was sitting on an impressive 1.9503.
A very similar pattern emerged against the Australian dollar too. Here, the pound had three good days and two bad ones, but the overall picture was certainly rosy when you looked at the start and end of the week. The pound began on 1.7971 before experiencing some ups and downs. But as we now know, the ups were more than sufficient to enable us to reach a closing rate of 1.8305. Yes, it had been an excellent week here.
Yes, we did see a drop here. After a rise on Monday, the remainder of the week was downhill all the way. That meant the pound started on 1.8228 and finished on a lower rate of 1.8179.
Here, we had a much easier time of it. The pound started trading on 1.3259 before experiencing an up and down selection of results. However, the overall picture went in our favour, taking us to an impressive rate of 1.3407 by Friday night.
Opening on 139.240, the pound managed three good days out of five. That was more than enough to lead to an overall rise, albeit a small one. We finished the week on 139.948.
So, it was another interesting week for the British currency against a range of other world currencies. Some areas produced better results than others, but you can almost guarantee that will occur each week. We wonder how the remaining week of March will pan out, as there is much to achieve if we want to finish on a good note. Hopefully, we can do just that. We shall be here next week to report on the next set of results from the British pound.