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The gloomy economy is causing problems for many currencies, and the pound is one of those that is having the biggest amount of trouble in stabilising itself.

After a week in which the pound finally dropped below the $1.50 mark against the US dollar, last week followed on by actually giving us a better performance with the pound.

If you are a regular reader of these reports then you will know that the pound hasn't been doing too well of late.

The previous week wasn't exactly a good one for the pound, but we had a feeling even then that we hadn't seen the last of the bad news.

Those of you who are keeping an eye on certain conversion rates with the help of a currency calculator will no doubt be checking on the figures frequently as the world tries to backpedal from an almost inevitable recession.

Last week we saw a drop against the US dollar, a drop against the Euro, and a drop against the Hong Kong dollar. That's how well the British pound is performing at the moment.

If there has been one thing that has been worth looking at in the past few weeks from our point of view, it has undoubtedly been the strength of the British pound.

Last week was a week of extremes. After plummeting like a stone against the US dollar, and not doing much better against the Euro and the Hong Kong dollar, the British pound put up a great performance against the New Zealand and Australian dollars.

Well it's been quite a dramatic week, with bank rescues going on right, left and centre.

We saw last week that the last full week of September was something of a mixed bag as far as the currency markets were concerned.