News

Wednesday, the midweek point, can often provide either hope or hopelessness to take through to the remaining couple of days left in the week as a whole. In the case of the pound versus the US dollar last week though, we ended up with a good result. The exchange rate went up to a healthy 1.6226 by the day’s end.

It was a similar story against the Australian dollar as well, as the pound managed to up the exchange rate by 0.0173 all in all. As you can see it really was a good week, but it did make us wonder whether this week would be very different. We cannot remember the last time we had two really good weeks like this consecutively, so let’s take a look now to see whether this week might be the one.

It’s always good to kick off a fresh week with a positive result, and that is thankfully what we managed to do this time. By the end of some brisk trading on Monday, the British pound had managed to up its game to finish on an exchange rate of 1.6161 in the evening. This meant we had added on a total of 0.0185 in just one day of trading – nearly two cents already and still four days of trading to go.

Let’s find out what happened. In actual fact we didn’t get started on the right foot at all, kicking off with a loss to start 2010 with. By the time Monday night rolled around the pound was worth 1.6142 US dollars, having lost out on 0.0079 overall. Could we chalk this up to a slow start and forget about it by the end of the week, or was it a sign of more to come?

The close of the previous week against the US dollar saw the pound claiming an exchange rate of 1.5983. And when the markets returned on the following Monday there was very little difference in that rate by the end of the day. The pound dropped back slightly but the difference was thankfully only very slight. The closing exchange rate was 1.5980 – a small difference of just 0.0003. Could we keep the changes this small if they were going to be bad ones, or would they eventually go in our favour?

So here we go with the first look at the first currency pairing for this week – and this is the pound going head to head with the US dollar. The final exchange rate from last time was 1.6163, after having dropped just over another cent against the American currency. We hadn’t had a good couple of weeks against the dollar here, so could we do anything to make Christmas week one to remember?

If we were hoping for a good strong start to the week our prayers went unanswered. The first blood went to the US dollar in the end, and the pound sank back to 1.6263 as a result. Did this mean the week would turn out to run along much the same lines as the week before, or would we be able to pull our socks up and end the week in much better fashion to how we had started it?

Obviously we were looking for a good start and another successful week all in all, but Monday didn’t exactly give us a lot to be excited about. In fact it sent things in completely the opposite direction. We ended up with an exchange rate of a much lower 1.6338 at the end of the day. That was a huge single day loss for the pound and it didn’t bode well for what the rest of the week might have in store.

Well we always hope for a good start to the week but we don’t always get it. This would prove to be an exception though, as by the end of Monday evening the British pound had upped its game to a healthier 1.6480. The question was whether we could keep that up and claim an even better exchange rate by the end of the week.

So our first stop as per usual is America and the US dollar. It certainly got the better of the British pound last time, leaving us a little over two cents lower than we had started the week, on 1.6476. Could we improve on that and grab back some of those two cents?