Posted October 23, 2012
Some weeks are set up to be challenging right from the start. This would turn out to be one of those weeks, as the US dollar had to go up against a selection of European currencies – with no guarantee of good results to finish with.
The US dollar started the week on 0.7710 against the Euro, and there was very little movement on Monday: the dollar slid back a fraction to 0.7709 by the time the evening rolled around. When the week got underway against the British pound, the dollar moved from 0.6218 to 0.6225, so there was better news here. The US dollar got started from a point of 0.9323 against the Swiss franc and it fell here as well, to 0.9321. So it was a hesitant start by anyone’s standards – the question now was where things would progress to next.
After yesterday’s marginal change against the dollar, the currency fell further today and ended up on 0.7665 against the Euro – something of a disappointment for those watching. Yesterday’s good news against the pound was replaced by disappointment here too, as the dollar fell back to 0.6206. This seemed to be the picture all round as it finished on 0.9267 against the Swiss franc as well.
If we were hoping for better news against the Euro today we didn’t get it – instead we saw the dollar slip back to 0.7621 against the European single currency. The same picture was repeated over against the British pound as well, as the dollar slipped further to 0.6185. And we even made it three bad results out of three as the dollar achieved a day ending rate of 0.9227 against the Swiss franc.
Finally today we saw a glimmer of hope that maybe the dollar could gain some ground over the Euro. It finally managed to grab a hold over it and rise to 0.7623 in the process. Sometimes the progress is made in small doses and this was the case against the pound today, as the dollar perked up to 0.6189. The penultimate day against the Swiss franc saw another fall to 0.9219 as well, so things were looking bad here.
Yesterday’s improvement against the Euro clearly gave the dollar something to think about, as it rose to close out the week on a better 0.7671 today. Finally the dollar also got some better news against the pound, climbing to finish the week on 0.6235 as it did so. If we wanted a slightly better rate against the Swiss franc as well, we got what we wanted, as the dollar managed to close out the day and the week on 0.9271. At least the week didn’t end on a particularly bad note, as the dollar was able to reap back a little of its losses.