Posted by Allison on 1 August 2011, 14:15
Here we are again with another look at what is going on with the British pound when it goes up against other world currencies on the currency converter. Has it been a good week – or a bad one? Let’s see what happened shall we?
The pound had a great week against the US dollar last time, ending on 1.6303 as a result. Things were looking very good this time around as well, as the pound shot up to 1.6400 after just forty eight hours. However this was the peak of the week, since the closing rate on Friday evening was just 1.6299. This was only just slightly down on the opening rate though, so it could have been a lot worse.
On to the Euro now, where the pound was last seen grabbing a rate of 1.1328. The pattern was not the same as the US dollar though, and the first four days went rather well for the pound as it soared up to 1.1442. It fell back to 1.1430 on Friday evening but all in all it had been a good week.
The pound started on 12.703 with the Hong Kong dollar, and here too we saw a good start to the week. After an initial dip we were back up to a healthy 12.774 on Tuesday evening. But we couldn’t quite hold on to the situation and by Friday evening we had slid back to 12.703 – ending up in the same place we’d started.
We’ve been in a sorry state with the New Zealand dollar, as we saw when we finished the previous week on 1.8834. Unfortunately things didn’t look good this week either, as we fell back to 1.8716 by Thursday evening. Luckily we turned things around a little at the last minute, closing out the week on 1.8850 as a result.
Finally it’s the turn of the Australian dollar. We started on 1.4992 and twenty four hours later we’d climbed to 1.5013. This would be the best result of the week though, with the worst coming on Thursday with a rate of 1.4796. Luckily we pushed back up to 1.4916 by Friday evening, so all was not quite lost.
From a start of 1.5472 the British pound managed to climb back to 1.5495 after some midweek hard work.
The Swiss franc did better than the pound, climbing from 1.1585 to 1.1872 over the course of the week.
The US dollar went from 0.9490 to 0.9506 against the Canadian currency during the week.
It’s good to see the pound getting some reasonable results in some areas, even though it struggles in others. The news concerning the state of the pound last week came from Reuters and the article definitely made for interesting reading.
It is however difficult to see a strong period of performance from the pound, even though we are getting occasional good performances. Hopefully things will change and we will see more strength from the currency, but with so many other things going on it is hard to see how it will really surge ahead.
The currency markets are definitely fascinating to look at because they can reveal a lot about how the various situations in different countries can affect the respective currencies. Hopefully as time goes on the pound will gain strength and deliver better results against the US dollar and the Euro in particular. But until and unless that happens we shall have to endure the ups and downs that are commonplace – especially at the moment. There seem to be more downs than ups, but surely the balance of power between the currencies will change eventually?