Posted December 28, 2012
Some weeks are invariably hard work for some currencies, and so it would prove to be the case this week for the US dollar against all manner of other currencies. Let’s find out just what happened.
The week got underway with the US dollar worth 0.6246 against the British pound. But it dropped on day one to finish on 0.6221 for today. The dollar opened the week on 0.7748 against the Euro but slid ever so slightly on Monday night to close on 0.7733. Against the Swiss franc the US dollar started on 0.9358, before falling to close out the day on 0.9333.
After yesterday’s fall against the pound, the dollar could have done with a better result today. But it experienced another fall, this time to 0.6214. The same story was in evidence against the Euro too, as the dollar fell to 0.7696 by the end of the day. And another fall was in store against the Swiss franc, as the dollar slipped to 0.9324.
Perhaps now we were expecting another drop after seeing how the week had panned out so far. And as it turned out the dollar fell again, this time to 0.6194. If we had come to expect more bad news against the Euro as well, we were correct. Here the dollar fell to 0.7668, making us wonder where and how the week would end. A predictable fall was on the way again for the dollar as far as the Swiss franc was concerned – the closing rate here was 0.9286.
There was very little movement today against the pound; we only saw a slight difference at the sixth decimal point, so hardly worth reporting on. Another fall was in store against the Euro as well, as the dollar slid back to 0.7647. The same story was played out again when the dollar went up against the Swiss franc and finished the day on 0.9245.
If we wanted the best for last we certainly got it this week. The dollar managed to settle on 0.6203 by Friday at the close of play, so while it wasn’t as good as it had started on, it was better than we might have hoped. But there was yet another drop against the Euro too, so the US dollar finished up on 0.7644 by the end of the week. We didn’t get the best finishing result against the Swiss franc either, as the dollar fell to close on 0.9241. So it had been a week of hard work that had not been rewarded in any way. In fact it had even been impossible to tread water for the US dollar, so we can only hope we get a better round of results next week in order to rake back some of this week’s losses.