Posted by Allison on 4 October 2010, 15:02
It’s time once again to see how the British pound has been performing on the currency markets. We have been keeping a close eye on the currency converter to see whether the pound has been doing better or worse since last time.
Let’s find out how it has performed now, shall we?
The pound did well against the US dollar last time, finishing on 1.5715 as we went into the weekend. There was good news as the week kicked off, as we improved our standing to 1.5847. It would be an up and down week but thankfully we ended on a good note, finishing on 1.5820 as the week went into the weekend.
Could we achieve a similar result against the Euro though? Here we finished the previous week on 1.1717 but unfortunately as the new week got underway the high point came as early as Tuesday, when we achieved 1.1766. After that it was downhill and we finished up on 1.1526 by Friday evening.
Next it is on to Hong Kong and the beginning exchange rate of 12.190. By Monday night we were better off, this time sitting on 12.294. But here again it would be a choppy week. Luckily we finished on an upward swing by snagging a rate of 12.276 going into the weekend.
In New Zealand we ended on 2.1502 last week, and things looked good when we reached 2.1576 on Tuesday night. But then it all went to pot and we slid downhill for the rest of the time. Just one day later we were sitting on 2.1336 and although we improved to 2.1438 the day after that it wasn’t enough to solve our problems. By Friday evening we were in a sorry state as we finished on 2.1380 for the night. Clearly this wasn’t the best week for the British pound, even though we had seen good results in a couple of areas.
Finally let’s see if we could achieve more against the Australian dollar. Last week’s closing rate was 1.6459, so could we manage to buck the trend and finish on a better rate as we moved into October?
The first movement went in our favour as we crept up to 1.6493 on Monday evening. But the first signs of the rot that was setting in were visible on Tuesday as we fell back slightly to 1.6487.
For the rest of the week we really struggled to maintain any kind of promising position, and finally we finished up with a rate of 1.6267 on Friday night. This clearly wasn’t our best week.
These two are always good to watch. Last week it was the Aussie dollar that crept ahead slightly. The New Zealand dollar fell from 0.7654 to 0.7608 over the course of a week.
There was better news for the Kiwi dollar elsewhere though, as it went from 0.7308 to 0.7399 against the US dollar.
The Kiwi improved from 0.7520 to 0.7592 against the Canadian dollar too, bringing another good result to celebrate for the end of the week.
There has been some good news for the Euro recently as far as the currency markets have been concerned. This story on the FT.com website shows just how much it has been benefiting from certain results and events in the markets.
So it has been an interesting week as we finally get our teeth into October. The first full week of trading in October is now underway, and we shall be reporting back on it next week. Will the pound start the month in strong fashion, or will something else be going on?