Would This Be a Good Week for the Pound?

Posted by Allison on 11 November 2013, 16:28

We’re hoping for a good set of results this week, so it will be interesting to see if this is the case. Will the pound be a success or will it fall in all areas?

An overview of the currency markets for November 4th – November 8th 2013

As the week began the British pound was worth 1.5956 against the US dollar. Where would things go from here? The early signs were encouraging, as the first two days produced increases that took the pound up to 1.6058. Wednesday had good news too, as the pound edged up further to 1.6085. It then fell back to 1.6061 on Thursday, but fortunately that was as low as it would get before the week came to an end. The closing rate on Friday evening was a reassuring 1.6080, resulting in more than a cent being added on during the week as a whole.

Would the pound be able to perform as well against the Euro? We began the week on 1.1815 and had a good start here too, which left us on 1.1825 by the end of the day. Again we had some more good days following on from this, which saw the pound settle on 1.1900 by Wednesday evening. Thursday was a blip against the US dollar, but it would not be the same here. Instead the pound crept up to 1.2017. Unfortunately it did then slide back to 1.1972 by Friday, although once again it had performed well over the week.

As far as the position against the Hong Kong dollar was concerned, we started on 12.370 here and improved to 12.381 by Monday evening. Again we experienced a steady stream of good results to take us through to Wednesday evening, where we closed on 12.469. Thursday proved to be the blip here, as we fell to 12.450 before improving once again to close out the week on a healthier rate of 12.464.

Over to New Zealand now, and the British pound started on 1.9309 here before dropping to close on 1.9228 on the same day. This was unexpected given the encouraging results we’d seen in other regions, but as we know the patterns against the Kiwi dollar and the Australian dollar can be very different from elsewhere in the world. This would prove to be an up and down week of sorts, and that meant we would end up dropping to 1.9162 on Thursday before redeeming ourselves slightly and climbing back to close on 1.9276 on Friday evening.

Finally let’s see whether the pattern against the Australian dollar would be borne out the same as the Kiwi dollar. Our opening rate was 1.6854 but this ended up dropping to 1.6810 on day one. Did this mean we were in for a rough time? The following day was more encouraging as the pound climbed back to 1.6847. Luckily from then on we didn’t look back, as the British pound managed to keep on climbing, ending on 1.6992 as a result.

Notable events in the world of currency

An improvement against the Canadian dollar

Good news here too, as the pound climbed from 1.6638 to 1.6811.

More good news against the Swiss franc

The pound got the better of the franc too, as it went from 1.4544 to 1.4728.

And three for three

The pound also did well against the Icelandic krona. The opening rate of 192.076 was soon left behind for a better rate of 195.985.

As you can see there were plenty of good results to enjoy this week, thanks to the good performance the pound was able to put in around the clock. Sometimes it does well in some regions of the world and not in others, so it was encouraging to see a pretty good performance all round this week.

Of course it may be a different story next week, but rest assured we shall be watching the results and we will be back with more news soon.