Last week produced a set of not-so-impressive figures for the British pound against other currencies. So, could we hope for better this week? We could, but would it happen?
An overview of the currency markets for February 4th – February 8th, 2019
The British pound was worth 1.3073 as the week got underway against the US dollar. However, this immediately began to drop and continued to do so as we went through the first three days. By Wednesday night, the pound was worth a weaker 1.2938. We did manage to recover some of those losses on Thursday by reaching 1.2952 that day, but it was far from enough to secure a good week overall. Indeed, by Friday night the pound had finished on 1.2940.
Opening on 1.1415 against the euro, the pound dipped over the first two days here as well, falling to 1.1350 by Tuesday night. However, we did then see a notable turnaround over the final three days of the week. That was something to appreciate, especially since it led to a closing rate of 1.1424 on Friday. A quick check confirms this to be the highest rate of the week – marginally better than the opening one had been.
Over to the Hong Kong dollar now, where things often mirror the progress (or lack thereof) seen against the US dollar. It would be the same this week as well. This time, we began trading on 10.258 before falling over the next three days to reach 10.151 as the low point of the week on Wednesday. Thursday saw an improvement to 10.164 before another slight dip brought the pound to a closing rate of 10.155 on Friday.
Finally, we have some better news this week – and it comes from New Zealand, where the pound was clearly in better form. Opening trading on 1.8950, it did fall considerably over the first two days, taking it to 1.8774 by Tuesday evening. However, this was a week divided firmly into two portions. From then on, it managed to attain a closing rate of 1.9188 by Friday evening – far higher than we may have expected.
Let’s see whether the pound could attain something similar against the Australian dollar as well. It did progress in a similar manner, starting on 1.8037 before falling to 1.7894 by Tuesday night. The remainder of the week was better, and while the best rate of 1.8240 was seen on Thursday, the pound still finished in better form on 1.8204 on Friday.
Notable events in the world of currency
A marginal improvement against the Canadian dollar
The pound did well to push ahead here last week, rising from 1.7121 to 1.7184 over the entire week. It may only have been a small rise but given some of the results we have seen elsewhere, a rise of any kind was a welcome sight.
A small drop against the Swiss franc
While the opening rate of 1.3010 was surpassed the following day by the pound, it proved to be as good as things were going to get. By the time the week was over, the pound had stalled on 1.2946 against the Swiss currency.
A steady fall all week against the Icelandic krona
Our luck was certainly not in here. The pound began trading on 156.626, but it then dipped over the first few days of the week to reach 155.740 on Thursday. Although it recovered slightly to achieve 156.081 on Friday, that was as good as we could manage.
We have seen a good week for the British pound followed by a disappointing one last week. This week proved to be more of a middling experience, with the occasional good result to note but very little else at all. Perhaps next week will bring better luck? Somehow, we doubt things will be that clear-cut, but we await the next set of results with interest. Perhaps the pound is going to achieve better results next time around. If so, we shall have them here for you to review.