Posted by Allison on 21 June 2010, 13:03
Here we are with the next currency report, bringing you the latest set of results from the worldwide currency markets. We’ve been checking our currency converter as per usual over the last few days, and we are ready to bring you news of the last three days of results from last week.
As is customary by now, we have some results to consider from last time before we move on to see how we did at the end of last week. Last time we saw that the week began with two good results out of five, although these were both relatively small gains. We saw an increase of around a cent against the US dollar and a 0.082 gain against the Hong Kong dollar.
Elsewhere we did not manage to get any gains at all. The Euro got the better of us and managed to push us down by half a Euro cent. We also recorded a small loss against the New Zealand dollar of 0.0013 cents, which could have been a lot worse given the large losses we have seen there before. And finally we have a loss of half a cent against the Australian dollar, so you can see that it was a mixed start to the week. At least we had no disastrous results anywhere.
So now we must look ahead and ponder on how the week ended. Would the pound manage to pull ahead and get the better of some – or all – of these currencies, or would there be other news in store?
Let’s see what happened now.
So we begin with a look at whether the pound could get the better of the US dollar as the week came to a close. Our starting rate was 1.4733 and we were eager to see whether we could add to the cent we had already won over the dollar earlier in the week.
We certainly started off in the right direction as our 1.4733 closing rate from Tuesday night went up to 1.4776 by Wednesday evening. Just twenty four hours later this looked much better still as we managed to increase the rate to 1.4807. Could we finally be on top of the US dollar and manage a good week overall instead of a lacklustre one?
We did drop a tiny bit of ground to end on 1.4804 for the week, but this wasn’t too bad considering the mountain we had to climb overall. So all in all we managed to add on 0.0071 over the course of those last three days.
Let’s move on to see whether we could achieve a similar feat against the Euro now as well. Our closing rate on Tuesday night was 1.2019, which was still better than we had seen in quite a long time. We nudged that up by a small amount to 1.2035 by Wednesday evening, but there were still two days to go until the end of the week.
And we did slip back a little to 1.1977 the following day, so the question now was which of the two currencies would win the day on Friday. Unfortunately for us it was the Euro that managed it, leaving us on an exchange rate of 1.1966 to close out the week. This meant we actually lost a little over half a Euro cent to finish the week off.
We’ll leave that disappointing result behind now to see whether we could do better against the Hong Kong dollar. The closing rate here on Tuesday night was 11.478, so if we could increase on that in any way it would certainly be a victory.
We did manage it on Wednesday as the rate went up to 11.513. And given one more day the pound had managed to do even better to bring the rate up to 11.534. Unfortunately for us we slipped back a little on Friday but we still managed to stall our losses on 11.524. This meant we had come out on top against the Hong Kong dollar, leaving us with an increase over three days of 0.046.
Moving on swiftly, we now come to New Zealand, where we managed to finish on 2.1235 on Tuesday evening, after a marginal loss over the first couple of days. Could we do better now to end the week?
By Wednesday night we had our first clue as the pound went to 2.1244. Unfortunately any good feelings we had soon dissipated as the currency dropped back to 2.1112 the following day. And after that we finished off the week in bad shape as the pound grabbed an exchange rate of 2.1045 on Friday evening. This meant we had lost out on nearly two cents during that three day time frame.
So with that sobering news in mind, let’s move on to our final stop of the week with the Australian dollar. Here we had left things on 1.7188 on Tuesday evening so could we do any better than that now?
After a bad result against the Kiwi dollar we almost expected the same against the Aussie dollar as well. And our first clue was the rate of 1.7164 on Wednesday evening at the close of trading. Could the pound be going downhill here too?
We did indeed drop again the following day to 1.7105 and once again on Friday the news was not good for us as we reached 1.7050. This totalled a loss of 0.0138.
It went from 1.1323 on Tuesday to 1.1199 at the end of the week – a disappointing result for the Canadian dollar.
A small increase here saw the Euro climb from 1.2258 to 1.2372 at the close of play on Friday night.
It climbed from 1.2621 on Tuesday evening to 1.2795 by the end of the week.
There was an interesting story about the British pound which came out on the Reuters website at the end of last week. It certainly makes interesting reading.
So there we have it with another mixed week of results for the pound. Will things get better next week? We’ll be here to let you know.