Posted by Allison on 18 October 2012, 16:45
The Euro started with an exchange rate of 1.2611 against the US dollar when September got underway. It soon dropped back to 1.2568 when the first day of trading was over though, sending a signal that perhaps it was not strong enough to put up a real battle against the dollar throughout the month.
However the first week finished on a better note for the Euro, as it managed to increase to 1.2706 by Friday evening. Indeed this seemed to be the beginning of a good patch as the European currency rose to 1.2776 by the following Monday evening. The dollar struggled to make any kind of mark against the Euro through the whole of that week, and that’s why the Euro managed to finish on 1.3095 by Friday evening – a very good result for the week.
The question now was whether the Euro had peaked too soon in the month to manage to keep this performance up. Indeed, it dropped back slightly to 1.3086 by Monday evening, and struggled to repair the damage throughout the week. Whereas the previous week had seen a one sided battle from the Euro, this would be the week of the dollar. The Euro was beaten back to 1.2988 by the time the week of trading was done with.
By the time we were into the final week of trading for the month of September. Considering the previous two weeks were both very one sided for different currencies, it seemed virtually impossible to pick a winner for this final week. Indeed things were not so one sided here, although the Euro was the one to drop initially, falling to 1.2916 by Monday evening. It improved marginally the next day before dropping back again, this time to 1.2845.
By the time the month was over, the Euro had stalled on 1.2930, so overall it had done rather well throughout the month. It was certainly on a better rate than the 1.2611 it had started on, so that was good news at least.