Posted by Allison on 4 July 2011, 11:49
It’s time once again to wave goodbye to one month and say hello to another one. The only question is whether the British pound will be in better shape on the currency converter in July than it was in June.
Let’s see how well the pound performed as it finally went into another month.
The pound had dropped to 1.6003 against the US dollar in the previous week, so could it do better now? By the time two days had gone by it had fallen further to 1.5948, but fortunately the pound managed to up its game by the end of the week. Not by much admittedly, but it still managed to close out the week on 1.6008.
So could it do something similar against the Euro? Here we last saw the pound on a rate of 1.1254, but there was only one way the pound was destined to go this time, and unfortunately it was downhill. This was really just a case of a steady drop in form throughout the week, with no signs of any improvement anywhere. The pound eventually finished up on a poor 1.1049, making us wonder where it would head to next.
Let’s leave that sobering thought behind and move on to see whether the pound could do any better against the Hong Kong dollar. Here we left it on an exchange rate of 12.466, and before too much time had elapsed the pound was clearly on the back foot again. The low point was two days into the week when it fell to 12.418, and it peaked the very next day on 12.476. Unfortunately by the end of the week the pound could manage no more than 12.458.
We had a disappointing time against the New Zealand dollar last week as well, as we finished on 1.9674. Things were looking up this time around as we achieved a high of 1.9868 – but that was just one day into the week. By the time Friday evening rolled around we were at a distinct loss to explain a drop to 1.9394. This was disappointing to say the least.
It was almost inevitable that we would see a bad result in Australia too, and this was to be the case. We had a starting rate of 1.5162 that ended up as 1.4942 by the time the week was over. This was clearly a week that was better off forgotten.
We fell back from 1.5712 to 1.5429 here too, so it was clearly a bad week for the pound.
Finally we found a good result, going from 1.3394 to 1.3554 during the week against the Swiss franc.
Here we went back to bad news again, going from 72.008 to 71.375 against the rupee.
News of the bad performance by the pound dominated many of the headlines last week. There was no doubt that the pound was struggling, and one of its notably bad results was against the Euro. This was borne out by many of the news stories, not least this one on the Reuters website. It is disappointing to see such a weak pound at the moment, but even when we see a good week take place it doesn’t seem to last very long.
Hopefully we will start to see some recovery in the not too distant future. But at the moment it seems as if there is no light at all at the end of the tunnel. We can only hope that things improve and we can achieve more and get a feeling that the pound is on its way back up again. Perhaps we shall have better news next week.