Posted February 15, 2010
On the 31st December 2009 the Australian dollar was capable of claiming 6.9783 Hong Kong dollars. But would this rate be the highest it would have for a while, or was there some good news to come along with the brand new year?
The first day back on the markets certainly brought good news for the Aussie dollar. You would have noticed it if you had seen the currency converter for that day, since it finished with an exchange rate of 7.0259. Could this bode well for the month as a whole?
Let’s see what happened next. Just one day later the exchange rate had shot up again – this time to 7.1036. After a slight fall the next day we saw a higher rate of 7.1058. The week then finished on 7.0915.
The following week had a surprise in store for starters though. Monday’s closing exchange rate turned out to be a much higher 7.2254. This was very impressive for starters, but could the Aussie dollar keep this up and achieve more during the remainder of the week?
Perhaps not surprisingly we saw a lower rate of 7.1675 the following day and then things got better again. The Aussie dollar went from 7.1799 the day after that to 7.2071, so it looked as if the Aussie dollar was back in control and the Hong Kong dollar was settling for second place.
But then the week ended on a cooler note as the Australian dollar dropped back to 7.1741. So it would remain to be seen which currency would eventually come out on top for the month as a whole.
The next Monday seemed to indicate that all the strength was back on the side of the Australian currency as the rate jumped up to 7.1903. But the very next day all hope subsided and the currency found itself on a much weaker 7.1324.
There was much worse to come that week though, because for the rest of the days the Australian dollar didn’t seem to have anything to combat the sudden onslaught of the Hong Kong dollar. By the time Friday night came – and not a minute too soon either – the Aussie dollar was sitting on just 7.0148.
So how would this month come to an end? Would the Aussie dollar manage to pick things up and storm back for a late finish? Or would the Hong Kong dollar continue its forceful nature and push the exchange rate back in its favor once again?
The answer wasn’t long in coming. Even though the first day of that final week saw the exchange rate improve to 7.0309 for the Aussie dollar, it didn’t last long. The next day saw a sad state of affairs as the dollar dropped lower to 6.9772. The Australian dollar got perilously close to the 7.00 barrier again by achieving a rate of 6.9997 before the week was out, but the final rate for January was just 6.9358. What a difference a month can make.