Posted by Allison on 20 September 2010, 15:30
We’re going deeper into the month of September now and it’s time to see how last week came to an end. With the British pound trying to do its best to remain strong on the currency converter, it was still struggling to do just that. In fact we have had some disappointing results recently, and this makes us even keener to see better ones this time around.
So let’s find out just how things went last week, shall we?
Let’s start as we always do by taking a look at the British pound in its tussle with the US dollar. Last time we saw these two going head to head, the exchange rate for the pound was 1.5402. Could it better that this time?
There was certainly an increase on Wednesday evening as the pound reached the heights of 1.5546. It improved yet again the following day and claimed a rate of 1.5621. The rate of improvement slowed down for the end of the week but the pound still closed on 1.5626 on Friday evening. Would this be a good result that was emulated elsewhere?
When it came to the Euro we didn’t have a good start to the week as we closed on 1.1986 on Tuesday night. This dipped further to 1.1968 on Wednesday before falling again to 1.1944 on Thursday evening. With just one day to go, could we turn things around?
Well there was a slight increase to 1.1965 as it turned out, but it didn’t regain all the losses we had incurred over those last few days.
The opening rate against the Hong Kong dollar was 11.963, so anything better than that would be ideal. This bounded up to 12.075 on Wednesday and things got better still by Thursday as the day closed on 12.133. We couldn’t quite sustain the improvement here but we still managed to creep up to 12.135 to close out the week against the Hong Kong dollar.
We had a disappointing start against the New Zealand dollar that left us on 2.1113 at the end of Tuesday evening, so could we improve here as well? Indeed we could – to start with anyway – as Wednesday finished impressively on 2.1248. But Thursday gave us the real jump to 2.1568, and that set us up for a grand end to the week. The closing figure on Friday slipped to 2.1465 but it didn’t really seem to matter.
Our final stop is with the Aussie dollar, where we closed on 1.6490 previously. Another good start here gave us an opening rate of 1.6592 before we did even better and ended on 1.6672 on Thursday. Friday’s figure was slightly lower on 1.6615 but it didn’t matter – we’d still had a great week.
Here the news wasn’t that good – the Kiwi fell from 0.7810 to 0.7740 over the space of three days.
The Kiwi wasn’t having the best week clearly, as it fell from 0.7493 to 0.7474 here. At least the loss was a small one.
Here we had a good result too, as we lifted the currency from 1.5820 to 1.6045 over three days.
After the mediocre and just plain bad results of the last few weeks, it’s good to finally have some good news to share with you regarding the British pound’s situation on the currency markets.
As you might expect there has also been another raft of news reports on Bloomberg.com of late. This story - shows how events concerning currencies can have more far reaching consequences than we may at first imagine.
So it has been a good end to this particular week as far as the British pound is concerned. The big question is whether we can sustain these kinds of results, or whether there is another dip in the offing in a short time to come. If there is it could be a disappointment after such a good week on this occasion.