Posted February 04, 2013
As it turned out, this would be a dramatic week for one currency more than several others. Here we have highlighted the downward spiral experienced by one particular currency, as well as highlighting the results occurring elsewhere.
If we wanted a good start to the week against the British pound, we got it. The US dollar rose from 0.6321 to 0.6356 over the course of the first day. So let’s see whether we would have a similar picture against the Swiss franc. Here the dollar started on 0.9238 and rose here too, going up to 0.9277 on day one. As far as the Euro was concerned, the dollar did well here too, rising from 0.7424 to 0.7438.
After yesterday’s feat against the pound, we were disappointed to see the dollar fall today. However it was only by a small amount, dropping to 0.6354 in the process. We saw a similar result against the Swiss franc too, as the dollar dropped to 0.9242. But the trend was well and truly bucked elsewhere, as the dollar added on a little more against the Euro, rising to 0.7444 in the process.
This was the day we started to see a pattern coming forth in the currency results with the pound. After the drop we saw yesterday, there was another one in place today that took us down to 0.6338. And again it was a similar picture against the Swiss franc. That currency pushed the dollar back to 0.9151. After yesterday’s good news against the Euro, today reduced the dollar to the condition it was in against other currencies. It fell to 0.7384.
It soon became clear the pound was getting the better of the dollar. Today it pushed it back to 0.6324, indicating this could end poorly for the dollar. So far we’d also seen a downward spiral by the US dollar against the Swiss franc, and that pattern was set to continue today as well. This time, the dollar finished the day on 0.9108. And once again there was more bad news against the Euro, as the dollar slid to 0.7380.
Finally we saw how far the pound was able to go against the US dollar. The US currency finished up dropping further to 0.6315 today, closing out the week in poor fashion against the pound. And there was poor news elsewhere too, as the dollar slid further against the Swiss franc, tumbling to 0.9052 in the process. Finally we saw the dollar slide back to 0.7329 against the Euro, reaching the lowest point it had been at all week.
So it has been a struggle this week for the US dollar. Hopefully things will improve in the days and weeks to come, but rarely have we seen a week where it has slid against all manner of other European currencies – at least not to this extent.