Summary of Currency Markets for March 12th – March 16th 2012

Posted by Allison on 19 March 2012, 15:56

It hardly seems like another week has passed, but here we are again with the information from last week’s trading. Here are the results for the British pound against the most popular world currencies from the currency converter last week.

An overview of the currency markets for March 5th – March 9th 2012

The last time we picked up news of the British pound against the US dollar it bagged 1.5779 to close out the week. The new week saw the dollar in fine form as it pushed the pound down to 1.5632. However after a couple of days it was the reverse as the pound got back up to 1.5710 again. It seemed as if this was a real tussle, but it was a tussle the pound won by the end of the week, as it finished on 1.5811.

But could the pound enjoy as good a result against the Euro? Here it was starting on 1.1962 and it immediately dropped to 1.1916 by Monday evening. The 14th was a better day though as the pound shot up to 1.2027. It looked as though the Euro was getting the better of the pound by Thursday as the pound fell back to 1.1998, but it turned things around by Friday night to grab another good outcome, banking an exchange rate of 1.2055 in the process.

So two good results so far – could we make it three by doing well against the Hong Kong dollar? The opening rate here was 12.241 but the pattern was pretty much going in a downward spiral for the pound as it reached 12.125 by Tuesday night. It recovered slightly the following day but then lost some of the ground it had regained to finish on 12.160 by Thursday night. So how would things end? Would the pound be able to grab another good result here? Indeed it would, because it saved its best performance for the end of the week, finishing on 12.274 as a result.

Next up we have the New Zealand dollar, where we closed on 1.9163 last time. This was an up and down affair as well, and the high point of the week came on Wednesday when we closed on 1.9343. However even though we dropped back from there we still did better than we might have thought, garnering a rate of 1.9218 in the process.

Finally let’s see where the Australian dollar got us. We started on 1.4851 and the changes were minor until Wednesday, when the pound soared to 1.5003. Even though that was the best rate of the week, we still managed to get back to 1.4949 by Friday night.

Notable events in the world of currency

Only a marginal difference against the Canadian dollar

You would have to go back several decimal places to see any change against the Canadian dollar last week, as it began and ended on 1.5660.

An improvement against the Swiss franc

Here we climbed from 1.4418 to 1.4550.

Another good result against the Chinese yuan

Here we managed to improve from 9.9564 to 9.9971.

The week ended with bad news for the US dollar, as this story shows. The dollar wasn’t in the best position so it lost ground against a lot of other major currencies. This was good news for the pound and indeed for a raft of other currencies as well, but perhaps it was more unusual for the dollar, as we have seen few weeks like this before. Could it be the start of a troubling time for the US dollar?

So it was an interesting week all in all and a good one for the British pound. But will it continue or will this simply be a good blip in an otherwise ordinary series of ups and downs for the pound? We shall be back next week to give you the answers.