Summary Of Currency Markets For May 31st – June 1st 2010
Posted by Allison on 2 June 2010, 12:00
Here we are again with a fresh look at the last couple of days on the currency markets. This is always a good time to take a look at what has been happening with our currency converter figures, because we are ending one month and entering into another.
This is a short week in some cases though, as we had the Bank Holiday in the UK and Memorial Day Weekend in America. But we shall still bring you all the relevant figures from the exchanges that did occur on the markets as one month gave way to the next one.
But first we shall see what happened at the end of the last full week in May. We had good increases against three of the five currencies we usually look at, with two of them quite significant. We added on two and a quarter cents against the US dollar, while the increase against the Euro was much smaller at 0.0029 of a cent. Finally we added on a total of 0.157 against the Hong Kong dollar.
Elsewhere we didn’t have such good results against the New Zealand dollar or the Australian dollar. We lost out on 0.031 against the New Zealand dollar for starters, but there was worse to come against the Aussie dollar. Here we lost out on over five and a half cents so it wasn’t a good time for us in this part of the world.
So with that in mind let’s move forward and see how things panned out for the start of this week.
An overview of the currency markets for May 31st – June 1st 2010
Our starting rate against the US dollar this week was 1.4570, but we didn’t go in the right direction as May finally came to an end. By the close of play on Monday the figure had changed to 1.4502.
We managed to improve on that position by the end of Tuesday though, as we brought the exchange rate back up to 1.4562. This was still a marginal amount down on where we had started from though, so there was still clearly work to be done.
Let’s move on to the Euro now, and a starting rate here of 1.1765. We had a marginal increase last time around, and it seems as if we are doing better all in all against this particular currency.
Once again there was an increase on Monday but it was a small one, seeing us climbing up to 1.1783 at the end of trading. But there was better news for Tuesday, because by the end of the day we were up to a total of 1.1980. This gave us a two day increase of over two Euro cents, which was definitely worth celebrating. Perhaps we are getting the better of the Euro at last?
Let’s move on now to the next currency on our list, where we find ourselves looking at the Hong Kong dollar. Here we have a starting rate of 11.350, after an increase of 0.157 last time around. Could we add on another increase this time as well?
As it turned out we would have a similar pattern to the one we saw against the US dollar. The first day provided us with a dip down to 11.301, which didn’t bode well for the start of the week at least. And although we did better on day two we didn’t end up surpassing our original starting figure. Instead we ended up on 11.347, which meant we had just a small loss for the beginning of the week of 0.003.
So there we are with the first three currencies, all of which produced good results to close out last week – even if they didn’t all go the same way this time around. But now we are going to look at the New Zealand dollar and the Aussie dollar, both of which produced losses to end last week.
With the New Zealand dollar we started out with 2.1371 in the bag, but by the end of Monday evening we had slipped back slightly to 2.1352. Did this mean we were in for another rough time?
Actually the answer turned out to be no, as the closing figure for Tuesday night was a much better 2.1631. So this gave us an increase over two days of over two and a half cents. But could we pull off a similar increase against the Aussie dollar?
The starting rate here was 1.7099, and we had a good start because by the end of Monday we had pushed this up to 1.7175. Could we do better still though?
Indeed we could, and by Tuesday evening we had increased our standing to 1.7485. This gave us an increase at the end of a good start to the week of nearly four cents – a great success and a much better start to the week than we could have hoped for.
Notable events in the world of currency
A slight increase for the British pound against the Canadian dollar
We had a slightly better rate after two days here, moving up from 1.5240 to 1.5294 in the process.
US dollar adds on half a cent against the Canadian dollar
There was a good result for the beginning of the week for the US dollar, as it moved up from 1.0460 to 1.0502 against the Canadian currency.
US dollar also moves up against the Swiss currency
The starting rate here on Monday morning was 1.1513, but by Tuesday evening the dollar had piled on the pressure to end up on 1.1668.
There have been a lot of news stories recently concerning the state of the Euro and how it is coping after the recession and subsequent troubles. This one from the Bloomberg website indicates just how tough things are for the currency at the moment.
So there we have it – another currency report completed and plenty more to think about before we come back to finish off this week’s currency movements. Make sure you return to see how the rest of the week panned out.