Posted by Allison on 10 June 2010, 16:17
Here we are again with a brand new currency report for you. As always we have been keeping an eye on the currency markets to evaluate the numbers we have seen on our currency converter. Will the pound have made a good start to this week or not?
First of all we should look back at how the previous week came to an end for the British pound. We had three good results out of five so it was a reasonable week, which saw an increase against the US dollar of 0.0012 and a better increase of a cent against the struggling Euro.
In addition we also managed to add on a total of 0.011 against the Hong Kong dollar, but after that it was downhill against the other two currencies we check each week. We lost out on two cents against the New Zealand dollar and dropped around a cent and a quarter against the Australian dollar as well, so here it was not the best week for us.
But would the new week start on a better note in that part of the world? And would we see another good increase against the Euro as more news spread about the European currency being at the beginning of the end?
Let’s find out how things panned out right now, as we take a look at the actual figures for the start of the week.
Our starting rate against the US dollar as the week got underway was 1.4574. But could we improve on that after the tiny increase we managed to squeeze out at the end of last week, or would we be behind again?
Well we didn’t get off to a brilliant start as the pound fell back to 1.4502 by the end of Monday evening. And as things turned out, Tuesday was no better either. By the end of the night we were on 1.4421, so we ended up lower down than we had been to start with. We lost a total of around one and a half cents over those two days.
So let’s see whether we had better luck against the beleaguered Euro. Here we were on an impressive figure of 1.2085 at the end of last week, as we managed to get our best result against the European single currency for quite a while.
We certainly did well on the first day of the week as we managed to gain more ground against the currency, finishing on 1.2127 as a whole. But we actually fell back on that position the following day, as we failed to take charge for the second day running and ended on 1.2076 instead. This meant we had lost out on the small amount of 0.0009 over the two days, so there was really not much to worry about.
Our third stop of the week is as per usual the Hong Kong dollar. This gave us our third good result to close out the previous week with, as we added on 0.011 in total. This left us on 11.358 to start with this time around, so could we improve on that or would we lose a bit more ground?
As it happened we had another disappointing start to the week here, with a closing figure of 11.317 on Monday evening. After that we were concerned as to whether we could pull back on our position on Tuesday, and as it happened we could not do so. Instead we finished on 11.255, giving us a two day loss of 0.103 all in all.
So from there let’s move on to New Zealand and their dollar, where we had a bad result last time that resulted in us losing out on two cents at the end of the week. This left us on 2.1435 to start with this week, so what could we achieve from there?
As it so happened we had perhaps one of the best starts to the week we could have hoped for. By the time Monday came to a close we were sitting on 2.1728, which was far better than we were expecting. And there was better news to come on Tuesday evening as well, as the figure went up to 2.1784. This gave us an overall improvement of an incredible three and a half cents to start the week with.
Could we do the same again with the Australian dollar though? Here we had lost just over a cent last time around, which landed us on 1.7359. And yes we did indeed have a successful end to the day as we pushed onwards and achieved a rate of 1.7714 on Monday evening.
We did slip back a short way on Tuesday though as we ended up on 1.7606, but this still equated to an increase of nearly two and a half cents over the two days of trading.
The US dollar did well to climb from 1.1910 against the Aussie dollar to 1.2208 on Tuesday evening.
There was another good result here, as the US dollar moved up from 1.0443 to 1.0530 over two days of trading.
From a rate of 0.9028 to start the week, the Swiss currency did well to move up to 0.9117 by Tuesday evening.
The Financial Times online (available in a limited form free of charge) issued an interesting story concerning the Euro on Monday of this week. You can read more about the currency’s woes.
So there we have it – another report finished and complete. Will the pound continue to move forwards and grab some good exchange rates in the next report? We shall be here to find out. But until then we should speculate on whether the pound has finally got the better of the Euro – just as possibly every other currency has as well.