Posted July 25, 2012
Sometimes the exchange rates between the US dollar and various other currencies form the shape of a W – with good points and bad points waiting to be discovered at various stages of the week.
The opening rate for the dollar against the British pound was 0.6462 but the only way the rate was going today was down, and it ended up on 0.6441 to close out the day. The dollar started on 0.8206 against the Euro and here it managed to improve slightly to 0.8212. It remained to be seen whether it could continue on the same path, but we can hope for good news. The dollar opened the week on 0.9855 against the Swiss franc, another European currency worth looking at, and it closed the first day slightly better off on 0.9862.
After yesterday’s small loss against the pound we were hoping the dollar was going to improve today. Unfortunately it had other things in mind, and fell further to 0.6401. The same story was in place with the Euro as well: and in fact the dollar dropped by 0.007 here. Another drop was seen in the coupling of the US dollar with the Swiss franc, where the dollar was pushed back to 0.9779. Will this be a sign of things to come for the remainder of the week?
Finally we had a little good news today as the US dollar climbed a short way to close out the day on 0.6408. This was an improvement of 0.0007 on yesterday so only a small amount, but it was better than nothing. After yesterday’s loss against the Euro we were hoping the US dollar would be able to pull itself back up today, and fortunately it did. By the end of the day it was sitting at 0.8173. There was also better news for the dollar against the Swiss franc, where it improved to 0.9816 by the end of Wednesday.
If we were expecting better news after yesterday’s hard fought improvement, we didn’t get it. Instead we slipped back to 0.6372 against the pound, leaving us with even more ground to cover if we wanted to successfully get back on track. It was more of an up and down affair against the Euro, and after yesterday’s good result we were back to a bad one today, as the dollar fell to 0.8138. Another low point was seen against the Swiss franc, which pushed the dollar back to 0.9774 at the close of play.
The closing rate against the pound this week turned out to be 0.6379. This was better than we’d seen yesterday, but unfortunately the dollar was still the weaker partner of the two currencies. We were desperately hoping the dollar would improve once more against the Euro to close out the week on a good note, and luckily we did get a better result. It wasn’t good enough to erase the poor performance of the week as a whole, but it did recover to 0.8196. And the last exchange rate between the dollar and the Swiss franc today was 0.9843, so that was good news too.