Here we are, approaching the end of 2011 and ready to take a look at what has been happening on the currency converter for the few days in between Christmas and the New Year. Will the British pound have done well during this time, or will it be struggling to stay ahead of the curve?
An overview of the currency markets for December 26th – December 30th 2011
The last time we left the British pound up against the US dollar we saw it on 1.5672. So how would the festive season bear up for the currency? It went up marginally on the 27th, improving to 1.5679. However that would be as good as it would get, as it then fell throughout most of the rest of the week, finishing up on 1.5490 as a result.
Next up it is the turn of the Euro. Last time we left it on 1.2003 and unfortunately it didn’t get any better at that stage. Throughout the week it slid downwards and ended up finishing the week on 1.1971.
So would the pound do any better against the Hong Kong dollar, we wondered? Last time we saw it the pound was sitting at 12.188 so would it go up or down from here? Initially it went up, achieving a rate of 12.193 on the 27th. But then it went in the opposite direction, finishing up on a disappointing 12.032 on the 30th.
So it didn’t seem to be a good week for the pound. It started on 2.0240 against the New Zealand dollar and at first things looked good. The currency was standing at 2.0259 on the 27th, but then it dropped to 2.0153 the very next day. It didn’t seem to pick up either, finishing on 2.0037 by the end of the week.
Finally we have the Australian dollar to contend with. Here the pound was worth 1.5426 at the start of the week, and again it did well on the 27th, rising to 1.5431. But once again it then slipped down to end poorly on 1.5231. Clearly it wasn’t a good week for the pound, and it would leave us wondering how good the start of 2012 would be.
Notable events in the world of currency
A slight drop for the pound against the Canadian dollar
The pound dropped here too, falling from 1.5975 to 1.5820 over the course of the week between Christmas and New Year.
Another poor showing against the Swiss franc
The pound fell here as well, in common with many other places, leaving 1.4669 behind and dropping to 1.4552 instead.
More bad news against the Indian rupee
Here we completed a trio of bad results – the pound dropped from 82.838 to 82.261 against the Indian rupee.
So it wasn’t the best end to the trading year that we could have hoped for. Indeed it was rather disappointing and made us wonder what the beginning of 2012 might have in store for the British pound. Reuters was full of stories about various currencies and their situations, including this one that mentions the Kenyan shilling. Apparently it was doing well against the US dollar, as the story reports, but it makes you wonder what will happen next.
Our next report will feature the first few days of trading in 2012, seeing how the British pound performs as a result. We can hopefully enjoy some better results in the New Year, but of course there is no telling what will happen until the days come and we see how the various currencies do against each other. With New Year sales having an effect on consumer confidence, perhaps we could look forward to better results for the time being? We shall see.
In the meantime, let us wish you a Happy New Year, and indeed a prosperous 2012. Make sure you look forward to our next report!
So the pound didn’t have too good an end to 2011. And from what I can tell it hasn’t had the best start to 2012 either. It makes me wonder how much lower it will go. I was hoping for better results against the Euro at the very least, but it doesn’t seem to have happened that way. Perhaps things will change, although with a double dip recession in the offing I very much doubt it.