This is always an interesting currency pairing to look at on the currency converter. This is namely because the Icelandic currency is not one that immediately springs to mind when we think of major world currencies. It tends to sit in the next realm of all the currencies available around the world today.
At the end of November last year, the British pound was worth 188.353 against the Icelandic krona. So from this starting point, could the pound manage to end 2011 on a better note against this currency?
The early signs were far from good as the pound immediately dropped like a stone to finish on 185.892 on the first day of December. What had happened? Whatever it was it wasn’t a temporary measure. The first few days saw a low point of 184.733 on the 5th of the month, and we then moved on to close out the second weekend on 186.601.
We could only hope that we had already hit our low point of the entire month, and that things would improve from this month on. The next week did indeed give us some better news to focus on, as the British pound took on the Icelandic krona and started to push back. By the 15th it had managed to claw back its losses and even went beyond the place where it had started a couple of weeks earlier. This left it in a much healthier position on 190.023, although it did drop back to 189.867 to close out that week.
Christmas was fast approaching now and we wanted to try and gain some more ground before the markets shut down for a few days. Luckily we managed to do just that and the closing rate before the festive break was 191.944. Unfortunately we didn’t have such good results in between Christmas and the New Year. Eventually we ended the year on 189.630, but this was still marginally better than the rate we had started December on. It remains to be seen how good the New Year turns out to be.