So here we are again, back to see whether March panned out better than February on the currency markets. If you want to see the latest monthly information for the currency converter you have come to the right place. Let’s get started.
An overview of the currency markets during March
0.6164 was the final exchange rate experienced by the US dollar against the British pound back in February, so now we are looking for a better rate to end March with.
It hit a new high with 0.6252 on the 11th but after a few days we were back down to 0.61 levels again. Luckily the US dollar managed to claw back some ground and it finished the month of March on 0.6220.
The US dollar dropped against the Euro in February, ending on 0.7228. But it soon became clear that March was not going to be much better for the dollar. In fact it was struggling to get anywhere at all and it fell back to 0.7164 after a few short days. But there was worse to come as the dollar ended up on a lowly 0.7038 by the end of the month.
Over to the Hong Kong dollar now to see if this currency was going to be battered by the US dollar. The final rate for the US currency in February was 7.7902 but once again the US dollar clearly was not having a good time as it finished off the month even lower on 7.7820.
Finally let’s see whether the US dollar could gain any ground against the Japanese yen. Its last exchange rate in February was 81.870, but there was a notable dip to 78.848 by the 17th. Fortunately it was able to climb back up to 82.783 by the end of the month so that was good news at least.
Meanwhile, over in Europe…
We always have an interesting view on the British pound and the Euro. February saw the pound close on 1.1726 against the Euro, so could it do better in March?
If we had to pick a word to describe what happened during March it would be freefall. The pound didn’t stand much of a chance against the Euro and it eventually crawled home on 1.1316 at the end of the month.
Elsewhere last month…
The Canadian dollar managed to grab a rate of 1.0220 against the US dollar at the close of February. But would things get better or worse from there on?
It fell back to 1.0076 during the middle of the month but by the time March was over and done with, the Canadian dollar was back up to a healthy 1.0306 against the US dollar.
Looking forward
All in all we have seen some interesting results this month from all the major currencies. We have seen that the US dollar has struggled somewhat to try and remain on a par with all the other currencies, and for the most part it has not succeeded in remaining on a par to any extent.
It has been encouraging to see the Canadian dollar do well against its US counterpart though, as it so often stays around parity. It did well last month and we have seen another good result this time as well. In particular it was good to see it pick itself up from that mid month dip that looked rather perilous.
But what will happen in the future? Will the US currency start to improve again or will it continue to struggle in some quarters? Furthermore will the British pound be able to do well against the Euro again? We could say that March was disappointing for the pound in this way, but somehow the word doesn’t quite seem strong enough.
Needless to say we shall be watching the markets closely to see which major currencies do well and which ones struggle to remain in a strong position. At the moment it would seem to be the pound and the US dollar that are most in need of an encouraging push. It only remains to be seen when that push happens. We will continue watching and report back soon with the next set of results.