Posted May 08, 2012
Some weeks are marked by big swings in the exchange rates, while others are marked by the tiniest of differences. You’ll soon see which type of week this last one was, as the currency exchanges moved from April into May.
How would the US dollar perform against the British pound this week? It started on a rate of 0.6162 but by the end of day one there was little change. The small difference there was saw the dollar slip to 0.6152. There was better news against the Euro as the dollar went up from 0.7559 to 0.7567, although again this was a small change. But how would the US dollar do when put up against another dollar – this time the Hong Kong dollar? The answer was that from a starting rate of 7.7596 it fell to 7.7588 on day two.
No change for the dollar today, as was typical across all the currencies. Perhaps the first day of May gave us all pause for thought after yesterday’s mix of results. But where would the rest of the week head to?
Back to business today as the US dollar perked up a little and went from 0.6152 to 0.6184. It may only have been a marginal difference but it was enough to give us a little more confidence in what the US dollar could achieve against the British pound. Another small result was in store for the dollar versus the Euro, but it was a good result as we went from 0.7567 up to 0.7615. There was a tiny loss against the Hong Kong dollar today, as the currency fell from 7.7588 to 7.7582.
The ups and downs of the currency markets are always a feature of this report, of course. And today we saw a tiny bit of movement in the downward direction against the pound, as the dollar dropped slightly to 0.6181. But the dollar didn’t dip against the Euro – in fact it went up to 0.7620, adding on 0.0005 as a result. The same occurred against the Hong Kong dollar, where the US currency added on 0.0009 over the course of 24 hours.
If tiny movements up and down were significant this week, it shouldn’t come as a surprise that this is how the last day panned out against the British pound. The dollar closed the week on 0.6182 here, so again only a tiny movement. If we were hoping that the dollar might add on a little more against the Euro we were disappointed though – here it fell back to 0.7614 again. Although this was still better than it had started with, so the news was good overall. But the US dollar did manage to get a better result against the Hong Kong dollar on the last day of the week, as it improved to 7.7615. So while we didn’t see a huge range of impressive results throughout the week, we certainly saw some small steps in the right direction. And that is usually still far better than taking big steps in the wrong direction.