Posted by Allison on 4 August 2010, 13:57
So we launch into a brand new month once again, as this report focuses on the figures we saw on the currency converter for the first two trading days in August.
In our last report we saw that the British pound had an excellent finish to the month of July. It managed to improve its standing against every one of the five currencies we always look at in our reports. Some of the improvements were smaller than others, but the most notable two results were against the New Zealand dollar and the Australian dollar.
The question now is whether we will be able to start the month of August in the same vein, or whether we are in for a tougher time.
Let’s begin as we usually do with a look at how the pound stood up against the US dollar. It has been looking stronger of late, and this time we have a starting rate of 1.5604 to go from.
We had an excellent and very strong start here with an immediate jump up to 1.5826 on Monday evening. It levelled off a little the following day but we still managed to achieve a better rate of 1.5932.
So with this excellent result in mind let’s move on to see whether we could achieve a similar result against the Euro. Our starting point here was 1.1977 and we experienced much the same jump on Monday as we did against the US dollar. Our closing rate for the day was 1.2106.
When Tuesday closed for the day we were slightly worse off at 1.2051 but we still had a good result for the week as a whole.
Our third stop is the Hong Kong dollar, where our opening rate was pegged at 12.118. Once again we had a good day to start with, recording an increase to 12.288 in the process. Tuesday was better as well with another leap up to 12.367 to close out the first two trading days of August.
Let’s move on to the New Zealand dollar now. The pound had a starting rate of 2.1575 here after a good end to the week last week, and we managed a small increase to 2.1598 on Monday before achieving a better rate of 2.1728 on Tuesday.
And finally we have the Australian dollar. Will this make it five out of five great results this time around?
We’re starting on 1.7326 and this improved to 1.7370 on Monday night. We had more good news on Tuesday as well, as we finished on 1.7484 to close out a very successful start to the week.
We did well here too, with an increase from 1.6114 to 1.6320 over the opening two days of the week.
There was more good news for the pound in Europe, as it went from 1.6218 to 1.6524 against the might of the Swiss franc.
It was good news all round this week clearly, as the pound climbed from 72.454 to 73.507 against the Indian currency as well.
This raft of outstanding results has been excellent for the pound. It is no big surprise to announce that there have been countless news stories regarding the pound’s recent success.
One typical example was on the FT.com website. You need to register for free to read the story here but it is well worth doing. You’ll see how the British pound has really pulled its socks up of late.
So it has definitely been a good start to the month of August. In fact it couldn’t have been any more promising in reality. Hopefully we can continue with the good news and the pound will continue to rise steadily over the coming days and weeks as well.
Perhaps the most encouraging result of all was the news that the pound had taken a good increase against the Euro. Hopefully this is the start of a prolonged improvement in that department.