News

Moving on to the Euro now, we last left the pound on a rate of 1.1966 here. Things have been gradually improving against the single currency, although it hasn’t all been good news. We haven’t perhaps capitalised on the bad news about the future of the single currency as much as we could have done.

We certainly started off in the right direction as our 1.4733 closing rate from Tuesday night went up to 1.4776 by Wednesday evening. Just twenty four hours later this looked much better still as we managed to increase the rate to 1.4807. Could we finally be on top of the US dollar and manage a good week overall instead of a lacklustre one?

Elsewhere it was a very different story though. Despite the problems the Euro is experiencing at the moment we were unable to gain any real advantage against the European single currency. In fact the loss here over those last three days added up to a marginal 0.0018. This was a small amount but it could have been worse.

The opening rate between the British pound and the US dollar on the Wednesday of last week was 1.4421. Wednesday finished on the same exchange rate with no change at all, but Thursday was more interesting. The pound managed to add on a small amount to give it a closing rate for the day of 1.4596. But things were about to get better still as well.

Well we didn’t get off to a brilliant start as the pound fell back to 1.4502 by the end of Monday evening. And as things turned out, Tuesday was no better either. By the end of the night we were on 1.4421, so we ended up lower down than we had been to start with. We lost a total of around one and a half cents over those two days.

Our starting point was an exchange rate of 1.4562 and we had a good start to the remainder of the week because we managed to achieve an increase which took us to 1.4659 the following day. We did better still the day after by pushing ahead a little more and finishing on 1.4679. There was still one more day to go though and unfortunately we couldn’t keep pushing in the right direction.

We had good increases against three of the five currencies we usually look at, with two of them quite significant. We added on two and a quarter cents against the US dollar, while the increase against the Euro was much smaller at 0.0029 of a cent. Finally we added on a total of 0.157 against the Hong Kong dollar.

On Thursday the exchange rate changed again, this time to 1.4481 at the end of the day. And luckily for us the good news kept coming in our direction as well, because we ended up finishing the week on 1.4570, which gave us something to celebrate for the week. It meant we were finishing on a rate that was two and a quarter cents higher than it had been on Tuesday night.

Things stayed virtually the same on Monday, as the rate only had a marginal difference of 0.000015 in our favour. But Tuesday produced no better result as the final rate for the day then was 1.4345. So all in all there was a small but negative difference of 0.0013 for the British pound here. At least there weren’t any significant losses.

Wednesday started well with an increase that pushed us up to 1.1654. But once again things then started to go downhill and Thursday night saw us lose ground once more, ending the day on 1.1568 as a result. And Friday unfortunately saw us gaining momentum in that direction. This meant our final rate for the week ended up on 1.1489.