Posted by Allison on 30 June 2010, 12:18
Can it be time again to have another review of the currency markets? Indeed it can, and if you have been watching your currency converter closely enough you may already know some of the answers.
If you remember from our previous report, the British pound enjoyed the best end to the week that it has seen in quite some time. We managed to increase our standing against all of the major currencies as the week came to a close. As you will see from our recap below, it was quite an increase as well.
For starters we managed to add on well over two cents against the US dollar, leaving us closer to the $1.50 mark than we had been for some time. Elsewhere we also had a good result against the Euro, adding on a total of one and a half Euro cents over those last three days.
The Hong Kong dollar also could not get the better of us as we managed to increase the exchange rate here to 11.611, adding on a total of 0.175 in the process.
But the best results were saved for the run we had against the New Zealand dollar and the Australian dollar. In the first case we managed to add on three and a quarter cents and we also successfully increased the rate against the Aussie dollar by four and a half cents. It was a huge week all in all.
But could we continue this pattern as the last few days of June got underway? What would the first two days of the new week bring?
We start with a rate of 1.4927 against the US dollar, and being so close to the $1.50 mark could we hope to cross it as the new week got underway?
The answer we wanted came faster than we might have expected. As the new week started we ended Monday night with a figure of 1.5047. This alone was delightful, but there was more to come the following day as we managed to beat that by a small margin. We ended Tuesday evening on 1.5080, meaning we had added on a cent and a half so far this week.
Following on from that good news, could we pull off much the same feat against the Euro as well? Last time we ended up on 1.2141 so it would be good to push up still further from here.
Well we certainly started off well as we climbed up a little further to 1.2195 by Monday evening. But this turned out to be just the beginning, because by Tuesday evening we had snagged an exchange rate of 1.2375 – meaning we had added on more this week. It added up to an increase of 0.0234 all in all.
Moving on from these two good results we find ourselves challenged once again by the Hong Kong dollar. Here we last left things on 11.611 so anything beyond this would be perfect. A quick glance on Monday night almost revealed no change, but upon closer inspection we saw a figure of 11.711 – an increase of 0.100 overnight. And with a further climb to 11.717 by Tuesday evening, this was shaping into a very good start to the week indeed.
Now we saw the best rises at the end of last week against the New Zealand dollar and the Australian dollar. But could we repeat the same thing here again now?
Our starting exchange rate against the New Zealand dollar was 2.1153, but by the end of Monday this had changed in our favour to 2.1228. But the biggest surprise was still to come, as the pound kept firmly on its winning streak and finished up with a rate of 2.1691 by Tuesday evening. This meant we could add on nearly another five and a half cents to the three and a quarter cents we had successfully added on last week.
Finally we have the Australian dollar to look at, so could we make it a successful five out of five once again? We last left it on 1.7264 but by Monday evening that had changed to 1.7218. Could this be the one thorn in our side this week, or would Tuesday save us?
Amazingly enough, the answer came as a surprise. The final figure was 1.7693 – meaning we had once again added on nearly four and a half cents, which was round about the same as we’d achieved late last week.
It is nice to check out some different currencies from time to time. For the first two days of this week the pound went from 2.6565 to 2.7080 against this currency.
In an excellent start to the week, the pound moved from 4.1932 against the Lithuanian litas to 4.2606.
From 4.8498 on Friday night to 4.8978 on Tuesday evening, the pound had another successful run here as well.
So we’ve had possibly the best start to a fresh week we have had in quite some time. Needless to say we will keep an eye on things and hopefully be able to report on some more good news as the weeks go by.
Of course the major news this week has been the excellent performance of the British pound. Some of this could be to do with the Budget and how it was received by the markets. But this story from Reuters - certainly captures the mood of how things are going at the moment for the pound.
So there we have it for another report. We shall be back soon to report on how the rest of this week pans out. Will it be good news or bad news? At present it seems hard to imagine the pound could actually do worse.