Posted April 10, 2012
The US dollar had but four days to make the most of going up against a variety of other currencies this week. The approach of Easter meant we had a shorter trading period, but there was still plenty to watch out for.
The US dollar started this shorter week slightly down against the British pound. It fell from 0.6243 to 0.6239, so only a marginal loss but one to keep an eye on nonetheless. It did better against the Euro though; the European currency seemed to be struggling against a few currencies to begin the week, so perhaps we shouldn’t be surprised that the dollar went from 0.7487 to 0.7508 against the Euro today. It would be the beginning of a seesaw week against the Hong Kong dollar though, as it went from 7.7646 to 7.7655 today.
If we were concerned that the US dollar had dropped a little ground against the British pound to start the week, we needn’t have worried. The dollar picked up a little on Tuesday, climbing to 0.6252 to close out the day. The US dollar also got another good result against the Euro, albeit not to the same degree it had experienced yesterday. Here it went from 0.7508 to 0.7510, but it still counted as a good result. If you remember the reference to the seesaw week above, you won’t be surprised to learn that the US dollar dropped back to 7.7646.
Wednesday looked even better for the US dollar as it broke through another barrier and climbed to 0.6304 against the pound. It also managed to add on just short of a cent against the Euro, heading up from 0.7510 to 0.7609 in the process. The next stage in the up and down affair against the Hong Kong dollar saw the US dollar climb back to a better 7.7657; but would there be another dip tomorrow?
Today was the last day of trading for the currencies owing to the Easter vacation. So the final day of the week as it stood saw the dollar improve a little further against the British pound, ending on 0.6307 as a result. The last day against the Euro before the break also saw another good result as it headed up to 0.7652. The dip we were half expecting against the Hong Kong dollar did indeed happen, but it was marginal as it fell back to 7.7653. This was still better than how the week had started, so it wasn’t too bad at all.
Friday was Good Friday, meaning there was no trading taking place on the currency markets. But by all accounts there was still plenty going on during the rest of the week to make us wonder whether the US dollar was in a good or bad position as the first of two public holidays took place. We have another four day week to contend with next week, so we’ll be back with those results very soon too.