Summary Of Currency Markets For January 31st – February 4th 2011

Posted by Allison on 7 February 2011, 09:58

So it is time already to say goodbye to January and to get the first few days of trading results for February. Will this be a good end to one month for the British pound on the currency converter, and a good start to the next one?

Let’s see what happened.

An overview of the currency markets for January 31st – February 4th 2011

Last time we finished the week against the US dollar on 1.5925. The month of January would end slightly lower on 1.5904, but February would bring us into much better shape. The high point of the week was just two days later as we achieved a rate of 1.6202, but even though we slipped back after that we still achieved a good result. We ended up Friday night on a healthy 1.6089.

The Euro last saw the British pound holding a rate of 1.1615, but could we do better than that as one month gave way to another? Indeed we could, and as February dawned we closed out the first day on 1.1715. This proved to be a consistent week of consistent climbing, and it meant that the final exchange rate for the week as a whole turned out to be a very good 1.1803.

So could we do just as well against the Hong Kong dollar? We opened up with a rate of 12.402 left from last week, and although we dipped back to 12.401 the next day, we then improved to 12.556 the day after. Our high point came on Wednesday with a rate of 12.617, but we still did well to finish on 12.526 as the week came to an end.

So we’ve got three good results out of three so far, but we still have the New Zealand dollar and the Aussie dollar to come. The Kiwi dollar gave the pound a disappointing run to end on 2.0493 the previous week. But a new week brought fresh energy for the pound and we shot up to 2.0633 at the end of day one. The 3rd February saw the best rate for the week, with 2.0999 on the cards. We slipped back to 2.0874 on Friday night but this was still far better than we’d hoped for.

Finally the Aussie dollar saw the pound close on 1.5972 the week before. Once again the first few days had the pound climbing consistently to reach a high of 1.6053. But it couldn’t sustain it and the final rate for the week was actually slightly lower than we’d started with – closing on 1.5823 as a result.

Notable events in the world of currency

New Zealand dollar weakens against the Aussie dollar

It wasn’t too good for the Kiwi dollar either last week against the Aussie one, as it dipped from 0.7794 to 0.7580 during the course of the week.

Australian dollar is strong against the Euro as well

Here was more evidence of a stronger Aussie dollar. It pushed the Euro down from 1.3751 to 1.3406 over the week as a whole – quite a significant drop in all.

A trio of good results for the Aussie dollar, as the US dollar discovers

The Aussie dollar pulled ahead here as the US dollar went from 1.0029 to 0.9834 over that same week. Clearly the Australian dollar was ahead in the confidence and strength stakes.

News about the situation of the British pound reached many of the top currency news sites last week. One example of many was at Reuters where the reports indicated activities in the Euro region had an effect on how the British pound stood in the markets.

It’s easy to see then how the pound had a pretty good week all in all. Perhaps it is a good start to the month that we will continue to see once it is over? We can only wait and see.