Posted June 09, 2012
Every week brings with it a mix of good results and bad results. But this week the US dollar didn’t do too badly across the board, delivering a range of interesting results worth looking at in more detail.
The US dollar managed to start the week on a good note against the British pound. It improved from 0.6321 to 0.6333 over those twenty four hours. But if the dollar wanted to get a similarly good start against the Euro it didn’t manage it. Here it started on 0.7861 and fell slightly to 0.7843 by the end of the day. When it came to the Hong Kong dollar the US counterpart started on 7.7652 and fell marginally to 7.7642 by the close of play on the first day of the week.
Even though the dollar was keen to build on the good result it achieved against the pound on Monday, it would have to work hard to do so. Indeed while it managed to add on a little more on Tuesday it didn’t achieve a lot, adding on just 0.00005 in the process. There was another slight dip in its progress against the Euro too, falling another 0.0011 over the course of the day. After yesterday’s disappointing fall against the Hong Kong dollar, the US dollar did rather better today, rising to 7.7658 in the process.
The gradual pattern of adding on a little more each day was borne out by another similar result by the dollar today against the British pound. The day ending rate was 0.6354. This would also be the first day of the week where the US dollar got a good rate of improvement against the Euro too. It finished the day’s trading on 0.7899. If we were hoping for another good result against the Hong Kong dollar we didn’t exactly get something to jump for joy over. But it did rise by a tiny amount to 7.7660.
There was little hope that the dollar would achieve a notable improvement in its rate against the British pound by the end of the week. But it did add on a little more today and was aiming for a better rate on Friday too. After yesterday’s good performance against the Euro the dollar built on it further today – rising to 0.7963 in the process. The gradual process of tussling with the Hong Kong dollar had produced a range of mixed results thus far, but today there was a slight drop on the cards, falling to 7.7638.
From the opening rate of 0.6321 on Monday morning to the closing rate of 0.6378 today, the US dollar had at least made small improvements over the week where the British pound was concerned. The closing rate against the Euro was a little lower than it had been yesterday, but it still did well, finishing on 0.7970 as it did so. Finally the US dollar dropped a little more against the Hong Kong dollar too, so here the US dollar finished the week on a slightly disappointing 7.7630 – maybe not the best result we could have hoped for.