Here we are with a round-up of the latest news on the currency markets for the month of April. We’ve got all the pertinent currency converter information you’ll need for the month, so let’s get started now to see what occurred.
An overview of the currency markets during April
The US dollar had a good month against the British pound previously, ending up on 0.6220 as a result. But would April be as good? Unfortunately by the 4th the dollar had fallen back to 0.6186, and it wouldn’t see the 0.62 territory again all month. In fact on the 21st it dropped further to 0.6042 and by the time the month was over the dollar bagged a rate of 0.6000.
The US dollar had a starting point of 0.7038 against the Euro at the beginning of April, so could it do better here? Well this time it was the 6th that saw it drop to 0.6993, and although it went back over 0.70 the following day it soon fell back again. In fact there was worse to come because by the end of the month it had slid back to 0.6729.
March had also seen the US dollar drop some standing against the Hong Kong dollar, leaving it on 7.7820 at the close of the month. Would April be the same here too, losing ground as it had elsewhere? It may have been an up and down month but the general trend was down, as the US dollar was on 7.7676 by the end of the month.
82.783 was the last figure we had in March for the US dollar versus the Japanese yen, so could we expect another dip here as we have seen against other currencies this month? The simple answer is yes, as the final figure for April was 81.204. It was a bad month all round for the US dollar.
Meanwhile, over in Europe…
We saw the British pound have a bad time against the Euro during March, with a loss of around four Eurocents. This left it on 1.1316 so could it pick up the pieces during April?
We may have hoped it would but the answer was no. It did at least stop the rot somewhat and slow down the losses, ending on 1.1214 as a result.
Elsewhere last month…
Last time the Canadian dollar got the better of the US dollar, but would this pattern continue into April? The Canadian dollar had a rate of 1.0306 to start with, so let’s see what happened next.
The result was probably surprising because the Canadian dollar continued its good work and finished up on 1.0537 as a result. It will be interesting to see if it can continue this onslaught next month as well.
Looking forward
So it has definitely been a hard month for the US dollar, with plenty of losses to look over as a result. Sometimes it will be a mixed month of results but we cannot think of a month recently that has been so assuredly bad as this one has been. The US dollar is generally a sign of strength and it often gets the better of all kinds of other currencies, but the month of April has been very different this time in that respect.
All the other major currencies – from the British pound to the Euro and the Canadian dollar to the Japanese yen – have seen good results against the dollar, so they must be celebrating and feeling very positive as a result. This is undoubtedly the biggest surprise this month. We expect to see the odd good result from another currency when it goes up against the US dollar. But it is the blanket reaction from other currencies to the big US dollar that has been the most surprising this time around.
We shall be watching next month to see whether the US dollar shows any sign of strength. Perhaps even one or two good results would be encouraging, given the situation this time around. We can but wait and see. In any event we shall be back to show you the results of May’s onslaught on the currency markets soon.