Posted February 22, 2012
It’s time to see whether the US dollar performed well against a range of other currencies last week. Could it prevail against the Euro for example, or would the single currency get the better of it?
The dollar last around half a cent against the Euro as the week opened, so it didn’t bode well for the week ahead. There was another loss against the British pound too, as it dipped from 0.6340 to 0.6329 over the course of the day. This was clearly a pattern that was being repeated elsewhere as we saw a similar event occur against the Hong Kong dollar. It also kicked off the week a little above parity with the Canadian dollar, but dipped below it by the time Monday came to an end.
The day kicked off with some good news as the dollar recovered its early losses against the Euro, adding on a little more for good measure. This was a pattern that was repeated elsewhere too, as the dollar appreciated against the British pound as well, adding on 0.0031 in the process. The pattern continued as the dollar lost ground against its Hong Kong counterpart on the currency converter, reaching 7.7535 in the process. There was slightly better news against the Canadian dollar though, as the US dollar rose marginally to 0.9994.
There were more gains to be made against the Euro today, although they were just shy of the half cent progress we had seen yesterday. Further smaller gains were also made against the pound. A marginal improvement saw the dollar rise from 7.7535 to a slightly better 7.7538 against the Hong Kong dollar as well. But this was balanced out elsewhere as the Canadian dollar pushed it back down to 0.9970. This was clearly a week of hard fought gains that would not always be kept in check.
As the end of the week approached, the US dollar soared to a week-long high of 0.7702 against the Euro. Interestingly enough it also peaked against the British pound today, reaching a high of 0.6381 in the process. As it turned out the week-long high against the Hong Kong dollar had been achieved when the trading started on Monday morning. It didn’t look as if the US dollar would get back to its starting rate anytime soon. It was doing better against the Canadian dollar though, because it managed to get up and over the rate of parity again, finishing the day on 1.0033 as a result.
The final day of trading for this week ended with the US dollar losing considerable ground against the Euro after its earlier efforts. It managed to stall on 0.7599 at the end of the day. It wasn’t the best day for the dollar because it also lost ground against the British pound, although not by too much. It closed on 7.7540 against the Hong Kong dollar as well, so there was little to celebrate anywhere as the week came to a close. The currency also ended the month back below parity with the Canadian dollar, so it had been a really dramatic week of swings and ups and downs in many different ways.