Posted by Allison on 22 November 2010, 11:08
It’s time once again to see whether the British pound has been keeping up with the other currencies on the worldwide currency markets. Will it be able to put in a good performance on the currency converter this time around, or will other currencies fare better? Let’s see shall we?
Last time we had a rocky journey against the US dollar, leaving ourselves slightly lower on 1.6117 at the end of the week. The early news wasn’t good as we dipped to 1.6070 on Monday evening. It was worse still the following day as we fell back to 1.5995. Was this the way the week would pan out?
There were a few ups and downs left over the next three days, but in the end the pound slipped down to 1.5989 to close the week out with.
Let’s move on to see whether the pound could do better against the Euro. The last time we saw the pairing go head to head the pound finished on 1.1755. An initial jump up 1.1793 was good news, but as things turned out it would be as good as it would get. By the time the whole week was over and we’d experienced a few bumps along the way, we would be on a low rate of 1.1693 instead.
Moving swiftly on let’s see whether we can find a better result against the Hong Kong dollar shall we? We are coming back to the pairing with a rate of 12.493 this time, so could we improve on it?
The first three days each saw a progressive drop, leaving us on a disappointing 12.317 at the end of it. We then bounced back up to 12.416 before finishing the week on 12.398.
Our next stop is the New Zealand dollar. Our starting rate was 2.0751 but could we better that? We perked up a little on day one to achieve a rate of 2.0751, but that was the best we could do all week. By the time Friday night rolled around we were in a sorry state and the best we could muster was 2.0603. Once again it wasn’t the best performance from the pound.
Finally we have the Australian dollar to consider, and here we had a starting point of 1.6263 on the cards. Here again the early news was good as we climbed to 1.6303 by the time we’d got to Tuesday evening. But we just couldn’t keep up the performance and by the time the week was over we had garnered a rate of 1.6257.
It was a close thing between these two currencies, but in the end the New Zealand dollar went from 0.7837 to 0.7890 over the course of a single week.
There was good news here too for the US dollar. Despite it having a somewhat rocky week, the overall picture was good as it went from 1.0090 to 1.0167.
One final disappointment for the Aussie dollar came when the Euro climbed from 1.3835 to 1.3903 over the course of the week.
So it was clear that some currencies did better than others on the currency markets last week. The focus in the past few days has been Ireland’s debt problem and the pound has suffered somewhat because of this. You can read more here.
So there we have it for another week of trading. The pound did not have a great time of it, but as we saw above from the results of various currencies against the Australian dollar, we weren’t alone in this. Perhaps next week will bring brighter results, but we must just wait and see.