If you place a floating image at the beginning of a paragraph, it floats in the top-left corner, with the text wrapped along the right edge. If the text extends beyond the end of the picture, it wraps underneath.

In this example, the floating image is inserted right after this sentence. It still floats in the top-left corner, but the text before it wraps above the picture. You still get the same wrapping after the image.

You can use the same technique to create a floating image on the right side of a paragraph. Just set the float property to right. Now it's lined up with the right side of the page.