Posted March 10, 2011
Iceland may have been in the news last year for its volcanic eruption, but there is news to be had from its currency as well. The Euro certainly had a lively month against the Icelandic krona during January, as you are about to find out.
The opening rate for the month was 153.673, and it didn’t take long for the Euro to achieve the first success. By the end of the 4th of January, it had claimed a rate of 154.170 on the currency converter. So was this a sign of things to come?
It may have looked like a good sign but by the time the first week of trading was done and over with, the exchange rate had slipped back to 152.461. This meant the Euro was down on its opening rate, so it now had some work to do if it wanted to finish up doing well against the Icelandic krona over the course of the month.
If we fast forward another week in January we can see another step forward though. By the close of trading on the 15th the exchange rate had changed markedly to 155.036. This was an increase of 2.575 over the course of a week, so the Icelandic currency appeared to be on the ropes, at least for the time being.
This belief was borne out by the fact that we saw an increase to 158.171 over the course of the next week, giving the Euro even more to celebrate. But could it hang on to the improvements it had made thus far, putting it in a good position to successfully close out the month as a whole?
The Euro ended up peaking at 159.131 on the 27th, before sliding back a little in the closing trading days of the month. Finally it settled on 158.910 on the 31st, but this was still way better than it had started off on. All in all it was a successful month for the Euro, as it did well against the Icelandic krona for the most part.