Posted September 25, 2010
That was the question we started off the month of August with. The closing rate for the US dollar versus its Hong Kong equivalent was 7.7663, so we were hoping to see a better rate than this on the currency converter by the end of the month. Would we get it though?
The first few days of the month were up and down slightly, but they ended with the US dollar on a rate of 7.7623. So the Hong Kong dollar was looking the stronger of the two to begin with, and this was the knowledge we kept in mind as the month progressed.
The following week was very different though, as the US dollar started to climb back in the opposite direction again. By the 12th it was on 7.7673 and with just one day to go until the end of the week we were hoping it could achieve an even better rate as well. It did too, with a closing rate on the Friday evening of 7.7715.
The next week started in good shape too, as the US dollar crept up to 7.7723. A brief dip to 7.7697 on the 17th made us wonder whether this would be the peak of the achievements in August for the US dollar, but we needn’t have worried. It was back up to 7.7707 the following day and a couple more good results left it settled on 7.7746 as the week came to a close.
This was turning out to be an interesting month for the US dollar. There may have been a few blips here and there but overall the currency was doing well. The question now was whether it would continue or not.
As the fresh week got underway things did continue to look up. The US dollar managed to close that first day on 7.7775. We were now wondering whether the month would end in a good way for the US dollar, and we got our first clue on the 27th. The US dollar ended the day on 7.7795 on that occasion, and with just a few days left to go there was every reason to suspect the US dollar could maintain this performance against the Hong Kong dollar.
Indeed we were correct as the 30th came to a close, revealing a closing rate of 7.7800 for the US dollar. We had just one day to go now and it seemed as if there was little the Hong Kong dollar could do to fight back against this strong and convincing performance from the US dollar.
The increased rate to close out the month with was 7.7802, and although it wasn’t much better than the 30th’s closing amount, it still said the US dollar was in charge. The question is whether the currency can continue this good streak into September and beyond. Perhaps the Hong Kong dollar will have something to say about it by then? We’ll be watching.