Posted April 16, 2012
It was another shorter week this week, taking into account the break for Easter Monday. But even though the US dollar had just four days to work with, could it turn up a good result overall for the week? Let’s see what actually happened.
Today was the non-day, triggered by the Easter Monday vacation. So what could the dollar do once it was back in action on the following day? Last week saw a mixed bag of results so could we reasonably expect more of the same this week as well? Shorter weeks are always a little more interesting, so while Monday produced nothing but treading water instead of trading currencies, what would the rest of the week bring?
The US dollar dropped by just a marginal amount today against the British pound, falling from 0.6307 to 0.6305 in the process. There was another drop to come against the Euro too, as the dollar fell from 0.7652 to 0.7625. At least the rot wasn’t too bad against the Hong Kong dollar, because the currency only dropped 0.0001 there. There was a little upward movement against the Canadian dollar anyway, pushing the US dollar up from 0.9980 to 0.9983.
The dollar was clearly not on a good run with the British pound. After yesterday’s minor drop we had a bigger one to contend with today, as the dollar fell further to 0.6290. Was this going to be a bad week against this currency at least? It didn’t look good overall in all honesty, as the dollar fell back to 0.7615 against the Euro too – the second fall in two days here. We also saw a bigger drop against its Hong Kong counterpart though, as it dropped to 7.7646. The US dollar also did well to go over parity against the Canadian dollar, pushing up to 1.0026 as a result today.
Another drop of 0.002 was on record for the dollar versus the pound today, so once again there was little to celebrate. And yet another drop saw the dollar steadily lose ground against the Euro, this time sending it down to 0.7602. There was little difference noticeable against the Hong Kong dollar today, so at least here any marginal loss was hardly recognized. Parity was long since forgotten against the Canadian dollar though, as the currency dropped back to 0.9984 today.
Would Friday April 13 turn out to be unlucky for the US dollar on the currency markets? Not as far as the situation against the British pound was concerned at least, because it actually picked up a little to close out the week on 0.6273. The same story could be said of the dollar against the Euro, which saw it pick up to 0.7605 on the final day of the week. Friday 13th may have turned out reasonably okay against some of the currencies, but this wasn’t the case when it came to the Hong Kong dollar. Here it dropped once again, finishing the week on 7.7613 as a result. And finally the US dollar closed on 0.9939 against the Canadian dollar, making it a little lower than it had originally started on.