Posted July 07, 2013
This week would be a challenge for the dollar, and it was seen in many different exchange rates. Let’s find out just how dramatic things would get for the US dollar this week.
As the week began, the US dollar was worth 0.6420 against the British pound. Fortunately for the dollar things were looking up, and by the end of the day it was worth 0.6438 instead. The dollar started on 0.7541 against the Euro, and after a few hours’ worth of trading, it had improved to close out the day on 0.7570. Let’s see how the dollar did against the Canadian dollar now, where the opening rate was 1.0232. This dropped to 1.0186 by the close of play, dropping closer to parity as it did so.
After yesterday’s rise against the British pound, the dollar slipped a little today and ended up closing trading at a slightly lower rate of 0.6433 instead. We saw a similar picture with regard to the Euro, as the dollar dropped back and closed out the day on 0.7534. After yesterday’s fall against the Canadian dollar the US counterpart managed to rise again to finish on 1.0241 today.
Another slip was on the cards for the dollar today, as it fell back to 0.6388, falling back below the 0.64 mark. Would this mean the dollar would have a bad week all in all? Another drop was predictably seen against the Euro, where the dollar fell a little more to 0.7531. This was a seesaw week as far as the US dollar was concerned where the Canadian dollar came into play; today it fell to 1.0159.
The further the week went on, the easier it was to see how the dollar was falling behind the pound when it came to power. Today the dollar ended up on a lower rate of 0.6380. It seemed to be a similar story elsewhere in the world too, as the dollar dropped to close on 0.7510 against the Euro. If the seesaw pattern came true today as well, we would see another rise against the Canadian dollar. Indeed this is what happened, as the US dollar rose to 1.0169.
Would we achieve a better rate against the pound today as the week came to a close? We did manage to improve a little, raising the dollar to 0.6400 in the process, but we didn’t quite reclaim the high we started with on Monday morning. We saw a similar result against the Euro, where we rose to end on 0.7517, but this was still a short way behind the opening rate we’d had to begin with. And to finish with the US dollar managed to stall against the Canadian dollar, as the currency hit a closing rate of 1.0166. As you can see it was a real up and down week, one the US dollar won’t forget in a hurry.