Posted by Allison on 5 July 2010, 10:24
Welcome back to another currency report, which this time bridges the gap between June and July. We’re also introducing a new slimline report from now on, which we hope you enjoy.
Looking back to the previous report we can see the British pound successfully gained ground over all the currencies we look at each week. The biggest gain was over the New Zealand dollar, with an increase there of five and a half cents. The increase against the Australian dollar wasn’t far behind on four and a half cents.
But what could the British pound achieve this week? Let’s get the answers now.
Our first port of call is the US dollar, and we immediately got off to a poor start by dropping to 1.5011 by the end of the 30th – the last day of trading in June. But what would July bring?
There was apparently no movement on the 1st of the month, but on Friday 2nd we managed to up the ante and finish on 1.5206. So while it was an unusual end to the week, we did add on almost two cents over that two day period.
Next up we have the Euro, but if we were hoping for a good result again here we would be disappointed. The figures were not going in our favour and instead of seeing a graph that was heading upwards it was firmly heading down instead. We watched as the British pound sank from 1.2339 to 1.2118 by the end of the week, losing us a total of over two Euro cents as a result. This was particularly disappointing as the Euro is not the strongest of all the currencies at present.
It would turn out to be a few days of mixed fortunes for the pound against the Hong Kong dollar as well. From a starting rate of 11.717 we would now find ourselves dropping back to 11.688 by the end of the following day. Luckily we were able to recoup our losses by the end of the week, as Friday saw a surge that ended with the pound being worth 11.850.
Elsewhere we move on to see how the New Zealand dollar fared when going head to head with the British pound. This was our best success last time as we added on over five cents to the exchange rate. Could we do the same again though? It seemed unlikely.
The initial rate of 2.1691 did go up on the last day of the month to 2.1727, and there was better news to come as well. By the end of Friday evening the British pound was worth 2.1880, leaving us in a strong position for the following week.
We had a good increase against the Australian dollar last time as well, and it would turn out to be an equally good run here. We were already up to 1.7619 by the end of the 30th June, and that had increased to an impressive 1.8012 by the close of play on Friday evening.
All in all it was a successful week for the pound.
We managed to improve our standing here from 1.5809 to 1.6165 by the end of the week.
Our luck changed here and saw us fall from 1.6359 to 1.6209.
We went from 193.255 to 190.135 over the three day period here.
You have to register to read the latest free news stories from the FT.com website, but you may find this particular one rather interesting. It concerns the Japanese yen and its relationship with the US dollar. Perhaps it will give us an insight into what to expect in the future as well.
So there we have it for another currency report. Keep an eye on your currency converter figures over the next few days and we will be back soon to report on the latest increases and decreases in the currency markets.