The US Takes On The Euro – But Who Wins?
So let’s take a look at this particular head to head between two big currencies on the currency converter. Which one of them came out on top during November?
The starting exchange rate for the dollar was 0.6756 against the Euro, and although it went up to 0.6822 on the second day of the week it was back down to 0.6774 the following day. Did this mean the Euro was ready to play it at its own game?
The dollar rounded off the week on 0.6728 so there was very little difference over the week as a whole. But as the following week got underway the US dollar found itself dipping down to 0.6673. Did this mean we would say goodbye to the 0.67 exchange rate or could the dollar reclaim it at some point?
It took a few days but on the 12th the rate went back up again to 0.6728. These were marginal differences though and neither of the two currencies was really making any headway with regard to improving over the other one. The dollar finished slightly down on Friday evening with an exchange rate of 0.6725.
So what happened next? Did the Euro manage to get the upper hand or could the dollar keep on top of what was happening?
The first day back on the 16th saw a small difference once again – and the US dollar was once again on the back foot with a rate of 0.6682 at the close of play. We were midway through the month and with very little drama so far it would be interesting to see whether the rest of the month played out this way.
Once again a small increase by the dollar to 0.6722 the following day was beaten back down to 0.6685 the next day by the Euro. This was a real tit for tat battle and neither side was backing down. Clearly the events affecting each nation were not enough to warrant a significant amount of progress from either side.
The US dollar improved its status to close out the week on 0.6749 but once again it was back down to 0.6680 before it could start to get its teeth into the Euro to any further degree. And even though there were a few days left of the month yet, we couldn’t see any way in which the dollar or the Euro could really claim a sound victory.
That final week finished on 0.6703 for the US dollar, but once we were back in play for the last day of the month November ended on 0.6656. So all in all, the only difference between the two for the whole month from beginning to end amounted to one whole cent. And the higher rate went to the Euro, with the dollar losing out.
Could it hope to perform a little better during December or will a similar tussle of no great proportions ensue? We’ll soon see how it pans out.
