Posted by Allison on 19 January 2015, 10:01
Ready for another close-up look at the British pound’s performance on the currency markets? Let’s begin.
Here we are then with another look at how the British pound performed on the currency markets last week. It began on 1.5146 against the US dollar, but this soon changed by edging up marginally to 1.5150 by Monday evening. Did this bode well for a promising week ahead? Well, the pound certainly managed to put in a few good results for the first few days. It actually managed to improve over each of the first four days of the week. By the time Thursday evening arrived the pound was worth 1.5260 against the US dollar. It did however have a poor outcome on Friday, because it dipped back to 1.5173 to close out the week.
Where would the British pound stand against the euro though? Would it achieve something similar there this week? It opened on 1.2822 before climbing to close Monday evening on 1.2835. It was a small increase but the pound was certainly determined to build on it throughout the rest of the week. Indeed every single day turned out to be one filled with promise, since the pound ended up better off at the end of every single one of them. It even did well on Friday, surpassing the performance against the US dollar to close on 1.3094 this week.
Against the Hong Kong dollar the pound began the week on 11.744. By the time two days had gone by it had managed to push ahead to 11.761. There was more of the same good news in store though as the pound was shown to have the upper hand once again this week. Would it have a good pattern as seen against the US dollar, with just one let-down at the end of the week, or would it do well across the entire week as it had against the euro? The answer was actually the latter, because by Friday the pound was sitting on 11.762 – another good result for the week.
Could we keep this up against the New Zealand dollar as well now? The pound started on 1.9380 on Monday morning but it soon improved, rising to 1.9669 by the time Wednesday evening arrived. Would it be able to hold onto that significant rise for another two days though? Thursday’s result seemed to indicate otherwise, as the pound fell back to 1.9399. We did manage to retrieve some of the losses seen on Thursday on the last day of the week, as the pound climbed back to finish on 1.9472. This was still better than our opening gambit had been, so it was another good result here – four out of four now.
Finally it is the turn of the Australian dollar to try and conquer the British pound. The pound started on 1.8599 and rose to 1.8608 by Monday evening. However it soon became clear this would not be an easy ride, as the pound took on an up-and-down approach to its stance here. Indeed even though the pound reached 1.8667 by Wednesday evening, it was back down to a lower rate of 1.8479 by Friday.
Great news here as the British pound climbed from 1.7903 to 1.8261 this week.
This particular result seems unlikely but is completely true. The pound started the week on 1.5399 against the Swiss franc before falling massively to just 1.3261.
Here the pound started on 197.763 and climbed to finish on 199.388 by the week’s end.
So apart from that massive drop against the Swiss franc (something the euro went through as well) the British pound actually had a very good week. Let’s hope this continues throughout next week as well. We will be here to report on exactly what happens in each case.