Posted by Allison on 8 September 2010, 15:52
Have you been following the currency markets over the last few days? If you have you may already know what has been going on and what kinds of figures to expect on the currency converter.
Last time we saw the British pound had a mediocre start to the month. But will the start of a new week – the first full week in September – bring better results? We can only hope, so let’s find out what happened now.
Our opening figure against the US dollar this week was 1.5403, after a slight increase over those last three days of that week. However by the time Monday was out of the way we were staring at a figure of 1.5358 instead. It wasn’t the best start and unfortunately for us it got worse too.
At the close of play on Tuesday we were down further to a rate of 1.5324. This was one time when we hoped the week would end on a better rate than it had started with.
Let’s move swiftly on to look at the Euro now, to see whether we could improve on 1.2001. But here again the week did not start well and we were sliding back down to 1.1929 by the time Monday was over.
The only hope now was that Tuesday would prove to be a stronger day, and here at least our prayers were answered. We finished up on 1.2025 by the close of play on Tuesday, so at least we had done something positive here.
Last time we left the pound it was claiming 11.971 against the Hong Kong dollar. But here too the news was not good as the new week got underway. We slumped down to 11.929 by Monday evening and by the time Tuesday was over we found ourselves on 11.903. Clearly this was not a good week for the pound – at least not where the Hong Kong dollar was concerned.
Moving on swiftly we now arrive in New Zealand to see how the pound could perform there. We had a huge loss here to start the month of September with and it left us on 2.1483 in the end. Could we recoup some of those losses now?
Well we didn’t get off to the best start because there was another big drop in store, this time leaving us on 2.1214. You couldn’t describe Tuesday as a bounce back but we did manage to claw back a tiny amount at least, leaving us on a rotten 2.1239 to close out those first two days of trading.
Finally it is on to Australia. The losses here at the end of the previous week were almost as bad as the ones we had experienced in New Zealand. They left the pound on 1.6915 this time, but would we drop still more like we had against the Kiwi dollar?
The answer seemed to be yes because by the end of Monday evening we were looking very sorry for ourselves on 1.6739. A slight comeback on Tuesday pushed us back up to 1.6813, but we still had a lot of ground to recover.
At least some currencies did better than the pound where the Aussie dollar was concerned. One of them was the Canadian dollar; it climbed from 1.0393 to 1.0523 in just forty eight hours.
The Canadian dollar was having a perky start to the month as things turned out. It went from 1.3199 to 1.3294 here.
The Canadian dollar even trumped the US dollar during those first two days. It went from 0.9463 to 0.9592 here.
The currency news was full of the woes of the pound this week, starting with the story here. The Reuters website also reported on lows for the pound against the US dollar, so clearly it wasn’t a good time for the pound.
We’ll be watching to see if the second half of the week is better.