Posted by Allison on 12 July 2010, 15:24
Here we are again with another report on how the British pound has been doing on the currency markets. With frequent glances at the currency converter over the past few days we have built up a picture of how things look at present.
We had a fairly poor start to the week with the results that came in on the first two days, with the pound struggling to maintain the closing figures it had bagged the week before.
So let’s see whether the closing days of the week turned out to be better than the opening ones, shall we?
First we begin with the US dollar and a closing rate of 1.5164. From there we saw the pound drop slightly the following day, as it fell to 1.5106. This wasn’t looking too promising and even though we saw a rally the next day, the week closed on an exchange rate of 1.5116.
So that wasn’t the best start we could have hoped for. But could we achieve more against the Euro?
Here we were starting on 1.2055. But a drop to 1.2020 the following day did not bode well, and indeed this was the first sign that the week would not end on a good note either.
The final rate for the week for the pound versus the Euro was 1.1961, so it was a disappointing ending.
Let’s move on to see whether we could achieve more against the Hong Kong dollar. We had a starting rate of 11.811 here - and here again we saw a similar pattern to the one that had come to light against the US dollar. We had a marginal drop to 11.769 the next day, but this was followed by a rally on Thursday.
Unfortunately it was not enough to close out the week on a better note, and we finished up on 11.756.
Moving on swiftly, could we do better against the New Zealand dollar instead? We started with 2.1834 as an exchange rate, but we were in for a big disappointment. Wednesday saw a small drop to 2.1829, but after that we sank to 2.1413 the following day and finished the week on a dismal 2.1356.
Would the same be the case against the Aussie dollar though? Quite often we see a similar pattern but it was the last thing we wanted to see here. Our opening rate on Wednesday morning was 1.7827 and the slight dip to 1.7815 by the evening did not bode well.
Indeed we would end up following the same pattern we’d seen in New Zealand, with a final rate for the end of the week crawling in at just 1.7287. It couldn’t have been much worse over those few days, could it?
An opening rate of 10.281 on Tuesday turned into a closing rate of 10.238 on Friday night. It could have been worse but it was still a disappointment.
Things were better here though, as the pound soared from 133.165 to 133.792 over the space of those three days.
While there were some good results last time, there were more bad ones too. Such as the one where the pound dropped from 1.6121 to 1.5946 against the Swiss franc.
It seems as if the Swiss National Bank may be in some trouble after stories surfaced of significant losses on paper. This one from FT.com - tells us more about it. It is related to the circumstances surrounding the Swiss franc, and it makes for some interesting reading.
So there we are for another currency report, and it could have brought better news than it did. But at least we know where we stand as the new week gets underway, and if we can perform a little better than we did to close out last week, we could get more promising results.
We can only hope for the best – and we shall be here to tell you what happens.