Posted by Allison on 15 September 2010, 16:41
Another new week is set to begin and we have the figures from the currency converter for those two days. How will the pound look this time around? It didn’t exactly finish the previous week in style, so hopefully we can look forward to better results now.
However we all know about the bad omens being given out by experts in the field recently. They think the pound could be in worse shape by the time the year is out. So how does it look at the moment? Let’s find out.
Let’s begin by taking a look at the British pound against the US dollar. The opening rate for the week was 1.5454, but by the time Monday’s trading had ended and everyone headed home, the figure had gone down to 1.5400. This meant just over half a cent’s loss in a single day, so what would happen on Tuesday?
As it turned out we managed to perk up a little – but only a little, to 1.5402. Better luck in the second half of the week perhaps?
Let’s see whether we could muster up more success against the Euro now. A starting rate here of 1.2144 was soon left forgotten though, as the end of trading on Monday saw a new figure of 1.2030 on the cards. But it got worse still on Tuesday as the closing rate turned out to be 1.1986. This wasn’t the best start to the week, for sure.
Last week we finished on 12.004 against the Hong Kong dollar, so could we expect to see a closing rate of less than this on Tuesday night this time as well? It certainly seemed like it, as Monday closed on 11.962 for starters. We weren’t too confident that the figure would go up either, although it did creep up ever so slightly to 11.963 to close out Tuesday night.
Next we have New Zealand to visit, and their dollar. By the time last week was over we were on 2.1187, so anything better than this would be a good start. But once again we were on a downward slide on Monday as we closed out the day on 2.1041. A little bit of good news on Tuesday saw us finish on 2.1113 but it wasn’t enough to get us back to where we had been on Monday morning.
Finally we have the Australian dollar to check out. We were starting from a rate of 1.6685 on Monday, and once again the news wasn’t good. The closing amount for the day was 1.6520, and this went even lower to 1.6490 on Tuesday evening.
We couldn’t get any good results to enjoy this week – not yet anyway.
There was a disappointing drop for the US dollar to start the week, as it went from 1.0796 to 1.0706 over two days.
Another bad result was experienced here, as the Kiwi dollar fell from 0.7875 to 0.7810 over the same two days.
The European currency managed to crawl from 1.3739 to 1.3758 over the start of the week against the Aussie dollar though, so at least here there were some good results.
There were plenty of news stories in the currency markets this week, and a lot of them concerned the state of the British pound. Here is one example from the Reuters website - that actually points to the possibility of better news for the pound, at least for the moment.
Hopefully the news will prolong itself because we certainly aren’t seeing good results for the pound at present. It could be there is a delay in seeing these results – or perhaps the rot is not as severe as it could be otherwise.
In any event we shall keep watching closely to see if sterling has the strength to fight back and gain better exchange rates against the currencies it is going up against on a daily basis.