The Euro Goes Head To Head With The Hong Kong Dollar
First blood definitely went to the Hong Kong dollar, as the Euro dropped to 9.4720 after the first day of trading. It was early days to be sure, but this first sign was not exactly encouraging. The Euro then bounced back to 9.5586 two days later, but that was as good as the first week would get – after that the Euro dropped to close out the week on 9.3984.
So what would happen next? Would the Euro be able to regain the upper hand or was the Hong Kong dollar firmly in charge now?
After trading on the 7th of the month was concluded, it seemed as if the latter statement would turn out to be true. The Euro dropped way back to 9.3325 on this occasion, and the initial rate we started the month with seemed a very long way away already.
The exchange rate bottomed out for the week the very next day to 9.3202, so at least we had some good news after that. The Euro finally finished up on a rate of 9.4514 at the end of the second full week of the month. This was a vast improvement on the rate we had seen earlier on, but it was still a long way from that starting point.
The 14th would turn out to be a significant point in the month though, because this was when the Euro soared back up to 9.5450. It was still lacking something but at least it was showing some degree of power and determination now. The only question was whether the Hong Kong dollar would fight back and beat it back down, or whether the Euro could carry on along this path.
The question seemed to be answered by the end of the week, because that was when the closing rate of 9.6309 was recorded on Friday evening. This almost warranted a celebration but just a few days further on, as the next week’s trading began, the Euro was back down to a more dismal 9.5379 again. It did not seem able to really continue getting the results it wanted.
Things improved once more as the week finished, with the Euro bagging a rate of 9.5631. But there were still a few short days left of the month, and by the time they were out of the way we were looking at a final rate of 9.5549 for June.
This meant the Euro had lost out on 0.0356 over the month as a whole, so it wasn’t the result it was hoping for. Instead it was good news for the Hong Kong dollar, which turned out to have a good month against the European single currency.
