Posted by Allison on 18 October 2012, 16:46
When September got underway, the Hong Kong dollar had a rate of 0.1227 against the Swiss franc. This changed to 0.1231 once one day of trading had passed, giving the early upper hand to the dollar. But would things continue in this vein, or would there be other results that would come to fruition?
The first week saw a tussle between the two that resulted in little change taking place for the long run. Friday’s closing rate was seen to be 0.1230 as a result. Would this turn out to be a month filled with minor results rather than major ones, or would there be nothing in particular to report by the time the month was over?
The next week gave us more of the story, as the Swiss franc got the better of the Hong Kong dollar. Indeed by the time Friday evening came around again, the dollar was pegged back to 0.1197 – rather lower than some may have been expecting. The dollar did start to fight back in the following days though, at first slowly, rising to 0.1198 on Monday before going up to 0.1199 two days later. By the time the week was coming to an end, the Hong Kong dollar managed to bag a rate of 0.1202 against the Swiss franc. Was this a sign of better things to come for the currency, or was there still more to come in this story?
We were heading into the final week now, so it would be interesting to see which of the two currencies would gain the upper hand to close out the week. The first blood went to the Hong Kong dollar as it edged up to 0.1207 on Monday evening. However things swung back in the opposite direction the next day as it fell back to 0.1205. It turned out to be a dramatic week in this fashion, but the final rate of the month was 0.1206, so the Hong Kong dollar had lost ground overall.