Posted by Allison on 2 August 2010, 13:08
Welcome back to the latest currency report, which takes in the last few trading days of July. Will those days be good ones for the British pound, or ones that we would rather forget? We will soon find out.
Last time we saw that the pound had experienced only two good results out of five. It lost ground against the Euro, the New Zealand dollar and the Australian dollar as well, with the last two experiencing a very similar pattern against each other.
We did see good results – if only slight ones – against the Hong Kong dollar and the US dollar though, so at least we had a couple of reasonable results in among all the rest of the disappointments. Let’s see now whether we could up the ante and finish the month of July on a better note.
We start as usual with the US dollar, where we are looking for a rate that is better than the one we finished with last time, which was 1.5548. Could we manage it?
We started off well by adding a small amount to our exchange rate, finishing Wednesday evening on 1.5578. This improved to 1.5619 the following day but we lost a little momentum to finish the week on 1.5604. This was still better than we had started with originally though.
Moving on to the Euro now, we finished on Tuesday with a rate of 1.1930 on the cards. We saw a good jump the following day as we moved up to 1.1991, but we then spoilt it by dropping back to 1.1951 on Thursday. We did have better news to finish on though, moving up to 1.1977 to close out the week.
Next up we have the Hong Kong dollar, which saw us claiming 12.075 as we finished on Tuesday night. This changed to 12.099 on Wednesday, so we started this half of the week on a good note. This improved still more to 12.130 the following day, before dropping back slightly to finish Friday night on a still appreciable 12.118.
Our next stop is the New Zealand dollar, which sees us picking up from a rate of 2.1071. There was a huge jump the following day to 2.1345 and we kept this momentum up by increasing our standing to 2.1508 the day after. Finally we closed out the week on 2.1575, giving us another good result here.
Finally we have the Australian dollar to look at, which is starting on 1.7182. We had a great start here too, jumping up to 1.7408 the next day. We then saw a drop though, which meant we were left on 1.7329 by the time Thursday was over. And we finished the week here – and indeed the month – by claiming a rate of 1.7326 on Friday evening.
So all in all it was a reasonable end to the month for the pound.
The Euro had a reasonable increase from 1.4402 to 1.4466 over the three day period.
We had a good climb here too against the Aussie dollar, moving from 1.1050 to 1.1103 over the course of three days.
The Aussie dollar did get the better of the New Zealand dollar though, as the Kiwi dollar fell from 0.8154 to 0.8030 to close out the last few days of the month.
News about the fate of the Aussie and Kiwi dollars was rife towards the end of the month, as we can see from this report at the Bloomberg website. This just goes to show how trading can affect specific currencies over the course of time.
So there we have it for another currency report. As July ends reasonably well for the pound we wonder whether August will bode well for it. It would be good to see some great results against the likes of the Euro and the US dollar as we press ahead into the coming months. We shall be here to find out what happens – and we hope you will be too.