Did The US Dollar Beat The Hong Kong Dollar In December?
Let’s see what happened. The starting rate was 7.75018, and since the first week in December finished up on 7.75006 there was very little difference to report early on. Was that to be the pattern for the month or was there more in store?
There was an improvement on Monday 7th when the US dollar increased its standing to 7.75038. And as the week went on the figure climbed higher still, settling on 7.75071 on Thursday evening. It looked to be a very good end to the week for the US dollar. It was a shame then that it lost some ground on Friday, and as we went into the weekend the exchange rate fell back to 7.75042.
Things were still looking reasonably good though and the US dollar seemed to be more in charge of the situation than the Hong Kong dollar did. Indeed this was borne out by the steady increases in the exchange rate the following week. by the time the 17th December rolled around the US dollar had done enough work to finish up on 7.75716 – considerably higher than it had been when the month started.
But how would things finish up? Would we be able to increase the exchange rate even more, or would this be as good as it would get? Once again the week dipped slightly at the closing end, and the US dollar went into the weekend with a rate of 7.75671 under its belt.
We were heading into the last few days of trading before Christmas now, and that meant four days of trading for the following week instead of the usual five. Monday saw the Hong Kong dollar finally starting to get to grips with the US dollar though, and it pushed it back down to 7.75368 by the end of the day. Was this a real turning point or just a blip in the US dollar’s fortunes?
The latter seemed to be true thankfully, because by the time Christmas Eve was over and everyone looked forward to the seasonal break, the US dollar had improved slightly to 7.75420.
It was obviously keen to capitalise on its strength on the first day back the following week too, because it finished off on 7.75515 on that day. It did lose a little ground again during the last few days of 2009 and finished up on 7.75433 on New Year’s Eve. But all in all it hadn’t been a bad month for the US dollar in this currency pairing. It had managed to add on a total of 0.00415 over the month as a whole, so that gives it something to build on for the New Year.
But will the Hong Kong dollar finally find something to fight back with in 2010?
