Here we are again with a brand new currency report which takes us through the month of July. The US dollar returned some lackluster results during the month of June, so perhaps July will see it returning to better ways.
Let’s waste no time and see what actually happened.
An overview of the currency markets during July
The US dollar had a bad month against the British pound in June, leaving it with a rate of 0.6661 at the end of the month. There were a few peaks and troughs as the first half of the month got underway, but the last time the US dollar managed a rate around the 0.66 mark was on the 13th. This was when it ended on 0.6617.
After that it started to go downhill and by the end of the month it was on 0.6408. Clearly the downward spiral was going to be rather more prolonged.
The dollar did slightly better against the Euro during June, finishing up on 0.8149. But the trend here was even worse than it was against the British pound, and the dollar did little to give anyone any confidence as it slipped all the way down to 0.7675 by the close of July.
The dollar also closed against the Hong Kong dollar at 7.7865 in June, so could it do any better here and buck the disappointing trend we have seen so far?
The US dollar did manage to ramp things up a little for starters, achieving a rate of 7.7935 on the 3rd of the month. But that was as good as it would ever get in July, as the closing figure on the last day of trading was much lower, on 7.7663. This was not shaping up to be a good month at all.
Finally we have the yen to look at. Could the Japanese currency also get the better of the US dollar?
Last time the dollar finished on 88.656 and it turned out that it had a very choppy month ahead of it indeed. It wasn’t a downhill slide like we have seen against the other currencies, but the US dollar still finished up on 86.444 at the end of the month.
Meanwhile, over in Europe…
Which currency would get the upper hand over in Europe during the month – would it be the Euro or the British pound?
The pound did well in June, finishing on 1.2233 against the Euro. The pound started to fall steadily during the first half of the month, reaching a low point of 1.1788 on the 19th.
But from then on it started to regain some power and finished up at the end of the month on an exchange rate of 1.1977. The currency converter still showed the Euro coming out on top for the month as a whole however.
Elsewhere last month…
Let’s take a look at the Canadian dollar and see how it fared against the US dollar now. It was starting from a point of 0.9519 so hopefully the weakness of the US dollar would do it a favor here.
Indeed it did, as the currency reached a high of 0.9739 during the month. It leveled off a bit later on though, as it closed out July on a rate of 0.9683.
As far as the US dollar is concerned it was not a good month in July. This follows on from a couple of other months where the dollar has not been at its strongest.
Hopefully as August gets underway we can hope for a better result, because otherwise the US dollar will continue to lose ground. This would make us wonder where it would end up and how many other currencies would be able to take advantage of it.
On the good side it is quite rare for the US dollar to go into a prolonged downward spiral. And since we have had a few months of less than satisfactory results now, it could be that we are coming to the end of the bad news.
Perhaps next month we shall have some more buoyant results to share with you, as we see whether the US dollar has what it takes to get stronger once more.