US Dollar Goes Up Against The Euro
The closing rate for these two currencies during March was 0.7418, which the US dollar achieved against the Euro. The week finished on the following day with the US dollar slightly up on 0.7425, and it would be the 6th of the month before things got underway again, with the US dollar claiming 0.7464 instead.
So here it seemed that first blood had gone to the US dollar. But would things stay that way?
Two days after this the US dollar broke through the next barrier by claiming an exchange rate of 0.7521. But one day later the barrier was closed again as the dollar finished the week against the Euro on 0.7471.
From the 12th onwards it seemed to be the Euro that started to take control as well. By the end of that particular day the dollar had been pushed back onto 0.7361, and this fell lower to 0.7344 just two days afterwards. Were we seeing the turning of the tables here, or was it just a temporary glitch?
Whichever way would turn out to be true, the week ended with the US dollar on 0.7388. So it seemed the Euro was not able to capitalize on the improvements it had made during that small period of time.
And in fact the dollar started pushing back during the following week, achieving a rate of 0.7444 on the 19th. This went up to 0.7496 on the 22nd, giving the Americans hope that they could indeed end up having a good month against the Euro. One more day and the week ended with the US dollar on 0.7512, leaving the Euro in a precarious position with just a few more days of trading left to go for the month.
The final week saw a slight dip on the Monday to 0.7506, but the dollar gained it back by going up to 0.7524 on the next day. With just a few days left it was hard to see how the Euro could come back with a really strong performance to make a difference. Its troubles in Europe meant that the head to head with the dollar was only looking to go one way.
The 28th saw a rate of 0.7550 coming into play, while this was followed a day later by a rate of 0.7543. And even though the final rate of the month was lower than that, on 0.7510, it was always clear which of the two currencies was in the driving seat. The US dollar had gained almost a whole cent against the Euro over the course of the month, giving it a good solid result and giving the Europeans something else to think about as well. But will this pattern continue?