Posted December 12, 2012
Some weeks provide some serious challenges for currencies on the world markets. This would certainly be an interesting week to focus in on, as the results will soon reveal.
So to begin the week the US dollar was worth 0.6243 against the British pound. But it soon dropped back to close out the first day on 0.6219. So would we see a similar story against the Euro? Here the dollar started out on 0.7700 but slid back to 0.7658 by the end of the day. The opening rate against the Hong Kong dollar was 7.7501 and this fell marginally to 7.7500 by the close of play.
After yesterday’s drop against the British pound we were hoping for better news today. But once again the pound got the better of the dollar, pushing it back to 0.6204 as a result. And there was a similar picture in store against the Euro too, as we experienced another fall, this time to 0.7638. Would this be the story of the entire week? We were beginning to wonder. There was a marginal loss several decimal points along against the Hong Kong dollar too, so we ended up on 7.7500 again at the end of the day.
There was better news on the cards today for the dollar, as it went up slightly against the pound, closing the day on 0.6214. We also saw a rise for the dollar against the Euro, pushing it back up to 0.7654 today. Could this be the turning point for the entire week, we wonder? This turned out to be a week of very minor moves against the Hong Kong dollar, as we saw another marginal move along today. It meant we started the day on 7.750000 and ended it on 7.750096.
Another drop was in store today against the British pound, forcing the dollar back down to 0.6206. Would this be a bad end to the week? The turning point we hoped for yesterday certainly wasn’t in evidence against the Euro either, as the dollar slid back further to 0.7649. The tiny improvement we made yesterday against the Hong Kong dollar was erased today, sending us back to the exact same position we were in on Tuesday evening. At least the loss here was a tiny one.
Well if we were hoping the dollar would save the best for last it did just that – against the pound at least. The closing rate for the day was 0.6246. And there was similar news against the Euro too, as the dollar pushed back to close out the week on an impressive 0.7748. Finally we started the day on 7.750000 against the Hong Kong dollar and ended it on 7.750097, so things were looking up a little here as well. At least the ending wasn’t too bad.