Posted by Allison on 17 January 2011, 13:34
Welcome back for another taste of what has been happening on the currency markets. Some people may be starting to look at how certain currencies are looking on the currency converter, with an eye to booking a summer holiday of some kind.
Which currencies have been doing better lately – and which ones haven’t?
The last time we caught up with how the British pound was doing against the US dollar, it ended the week on 1.5461. As the new week got underway it immediately made a good start, closing out Monday on 1.5512. This was to be the pattern for the whole week as well, and by Friday night the pound was claiming an incredible 1.5850. This could be said to be a good week!
Last time also saw the pound doing well against the Euro, climbing to a wonderful 1.1928 by the close of the week. We were hoping for another good week now, but would we get it?
Well we did manage to get up to a midweek high of 1.2025, but then the Euro got back into control. By Friday night the pound had slid back to 1.1873.
Next up we have the Hong Kong dollar. A poor performance last time left the pound on 12.016, but by Tuesday evening we had improved on that and climbed to 12.105. There was better news as the week went on as well, and finally the pound was able to claim a victory of 12.324 as the week came to an end.
So how would we stand against the New Zealand dollar then? Could we obtain a good result here as well? Our starting point was 2.0412 and once again we had a pretty steady rise as the week went on. One slight dip was seen midweek but then the British pound was back on the rise again. In fact we managed to succeed in getting an overall improvement to 2.0655 by the end of the week.
Finally we have to check in on proceedings against the Australian dollar. Here we had started with a rate of 1.5579, but again it seemed as if we were in for a good week. The pound went up to 1.5673 on Monday night, but this was just a portent of things to come. By the end of the week we had managed to climb up as far as 1.6062. This was one of the best results we’d had – and indeed one of the best weeks we’d had – for quite some time.
There was a good result for the New Zealand dollar this week too, as it soared from 0.7632 to 0.7776 through the course of the week.
This was an interesting situation, as the Euro managed to improve from 1.2961 to an impressive 1.3349 over the week as a whole.
The starting point was 7.8291 for the Canadian dollar, and it climbed to 7.8893 on the 12th. But then it fell back to 7.8042 to close out the week.
There was quite a lot of news regarding the single currency last week, as you’ll see from this article on the FT.com website. Register for free to read now. It just goes to show the Euro is still more than capable of hitting the headlines in many different ways.
So this was a good week for the British pound and we shall be watching closely to see whether it can be maintained for another week. If it can we could be looking at some impressive exchange rates, but whatever happens we shall be back next week to report on the latest movements in the currency markets.