A Hard Fought Week for the US Dollar on the Currency Markets
Monday May 14 2012
As the US dollar opened the week on 0.6205 against the British pound, hopes were high that it would perform well. The early signs, if modest, were good – the dollar hit a high of 0.6219 to close the day. But how would the situation in the Eurozone affect the dollar’s performance against the Euro? It started out on 0.7725 before climbing to 0.7774 to finish the day. Over in Hong Kong the US dollar started on 7.7646 and pushed up slightly to finish on 7.7656.
Tuesday May 15 2012
Another 0.001 was added onto the exchange rate today, as the US dollar continued to exert pressure against the pound. Another jump was in store against the Euro too, as the dollar moved up to 0.7786. There was another tiny movement in the right direction against the Hong Kong dollar too, as the US dollar moved ahead slightly on 7.7660.
Wednesday May 16 2012
Today was a day worth marking for the US dollar, as it suddenly gained some headway against the British pound. By the end of the day it had reached a high point of 0.6274. We saw a similar notable result against the Euro too, as the dollar hit 0.7850 by the end of the day. And it was three for three once the Hong Kong dollar had tried to get in on the action, failing to do so and seeing the US dollar rise to 7.7688 as a result.
Thursday May 17 2012
The continued upward movement of the US dollar versus the pound carried on today, but the dollar hit a new high too. Today was the day it went over the 0.63 mark to close out the day on 0.6314. If we thought the dollar had seen the highest rate yet against the Euro for the week, we were mistaken – today would be that day, as it hit 0.7885. But things were changing as far as the exchange rate against the Hong Kong dollar was concerned. Here the US dollar slid back slightly to 7.7685, down 0.0003 as a result.
Friday May 18 2012
Today would be five out of five good daily results for the dollar versus the pound as it reached a weekly closing rate of 0.6321. The dollar did drop back slightly against the Euro though, closing out the week on 0.7861 as a result. After yesterday’s performance against the Hong Kong dollar we were hoping to get a slightly better rate today to end the week with. However this was not to happen and instead the US dollar fell back even further, closing on 7.7652 instead. However this was still slightly better than it had started out on, even though it wiped out most of the gains the currency had made earlier in the week.