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As we saw last time the results we something of a mixed bag as far as the British pound was concerned; it did reasonably well against some currencies but struggling when it went up against some of the others, such as the Euro for example.

Monday saw a finishing exchange rate of 1.2558 against the Euro, representing a slip which the Brits certainly hoped wasn't going to last.

Considering the rather lacklustre performance it had put in over the course of the previous weeks, you would have been forgiven for thinking that the trend was going to continue.

In the previous week we saw the pound really struggle against the US dollar, peaking and falling as the week went on. Last week saw a very different picture, and the good news was that it finished strongly.

The pound had a turbulent week against the US dollar, starting off at 1.9635 on Monday 16th June. The very next day it slipped back to 1.9482 though, highlighting fears that the pound could be starting to weaken.

If you remember, last month was all about the uncertainty that we are all feeling with regards to interest rates, the economy and the lack of strength that was evident with a lot of currencies, not least the US dollar.

The dollar began the month at around $1.56 against the Euro, and after a slight drop in value to the 3rd April it rallied to a high for the month of around $1.59 on the 16th. It then dipped again before regaining the $1.59 position on the 22nd and 23rd.

There is rarely any time in the world of currency where there isn't something really interesting, or important, going on. But the current conditions, it has to be said, are exhilarating.

One of the main developments of the month was the records set by the Euro EUR against the US Dollar USD. It wasn't all one way traffic though.

LIBOR rates – the interest rates banks charge each other – seem to be back under control, which is great news for the global economy (and forex in particular) but now American policy makers are worried about the onset of a recession in the USA and they are continuing to slash rates in an attempt to stimulate growth and lower the value of the USD to overseas buyers.