Summary Of World Currency Markets For June 2010

Thursday July 8, 2010

Welcome back to another currency report.  May certainly saw its ups and downs as the month progressed, but would June be the same when checking the results on the currency converter?

Let’s see how things progressed.

An overview of the currency markets during June

At the end of May the US dollar was bagging 0.6895 against the British pound.  It managed to leap up to 0.6933 on the 8th of June but it dipped back to 0.6876 the following day.

After that it hit a new low several days later when it mustered up no more than 0.6782 on the exchange rate with the pound.  As it turned out it hopped up to 0.6803 on the 22nd before dipping again.  It finally ended up on 0.6661 at the end of June, so it wasn’t the best time at all.

The US dollar finished May with a rate of 0.8125 against the Euro.  It improved to what would turn out to be a month long high of 0.8373 on the 8th, but by the 17th it had slipped all the way down to 0.8088.  This wasn’t shaping up to be a memorable month for the dollar.

It finally finished up on 0.8149 as the month came to a close, so at least it made up a small amount of ground.

The US dollar was worth 7.7927 against the Hong Kong dollar as May ended, and by the 7th it had improved to 7.8037.  But just three days later it had dropped down to 7.7936 again.  This wasn’t going to be a good month, clearly. 

It fell even further to a month long low of 7.7714 on the 21st of the month, so things weren’t shaping up to end well either.  The dollar perked up a bit as June finished, with a closing rate of 7.7865 on the cards here.

Finally we take a look at the yen.  Remember the starting rate of 91.508 here, as we discover once again that the US dollar isn’t having the best time.  Things looked good initially as the dollar improved to 92.645 at the end of the first week.  But a week later and we’d gone down to 91.638 instead.

The dollar fell further the following week to end on 90.623 and as the month finally came to a close, things got worse.  The US dollar could only muster a rate of 88.656 by then.

Meanwhile, over in Europe…

This is the part where we take a look at whether the British pound or the Euro came out on top the previous month.  The pound claimed 1.1783 Euros at the end of May, so could it do better now?

Just one day in and we seemed to have our answer – a better rate of 1.1980 in this instance.  And with a week ending rate of 1.2085 in the bag, this was shaping up to be a good month.

The best rate the following week was 1.2127 but then things started to slide a bit again.  But although the pound lost some ground for a while, the best was yet to come.  It ended up on 1.2233 as June came to an end.

Elsewhere last month…

The Canadian dollar had a strange month against the US dollar.  It started and finished in roughly the same place - 0.9544 and 0.9519 respectively – but it had lows of 0.94 and highs of 0.98 in between.  It was a pity for the Canadian dollar that it couldn’t maintain those highs.

The biggest peak came on the 21st of the month, scoring a 0.9833 exchange rate.  And it was all downhill from there onwards unfortunately.

Looking forward

Once again we have seen some interesting results this month that are worth noting.  Perhaps the US dollar will have a better time of it during July, or perhaps the meager results during this month have been the start of a prolonged pattern.

Whatever happens we shall be here to report on the ups and downs as per usual.  Check back next month to see if the US dollar got to grips with any of the other major currencies – or perhaps even all of them.  We’ll see you then.