Posted June 01, 2013
If you are expecting the US dollar to experience plain sailing throughout the currency markets this week, you’d do well to expect something a little different. Even though the currency had some good results, they were mixed in with some rather different ones as well.
As the week began, the dollar was worth 0.6564 against the British pound. We had some good news to start with as the US dollar managed to increase to 0.6579 by the day’s end. It also did well to start the week against the Euro, rising from 0.7770 to 0.7780. A third European currency, the Swiss franc, also had a head to head with the dollar. Here the dollar started on 0.9673 and ended day one slightly better off on 0.9694.
After yesterday’s tiny increase against the pound, the US dollar managed to do the same again today. By the time trading was over, a similar small increase had occurred, leaving the US dollar on 0.6599. The same pattern wasn’t followed against the Euro though, as the dollar experienced a fall, taking it back to 0.7772. There was another small rise against the Swiss franc today as well, taking the dollar to 0.9696 as a result.
Things were certainly looking good for the dollar against the pound so far, and today wasn’t any different. The dollar closed on 0.6621 today, making three improvements in three days so far. After yesterday’s drop against the Euro, the dollar wasn’t doing as well here. Today it fell further to 0.7738. Elsewhere the dollar had another good day against the Swiss franc. It rose to 0.9749, taking the dollar above its starting rate for the week.
We were confident the dollar would keep going in the same vein it had been in up to this point, and we weren’t disappointed today. By the end of play the dollar had once again improved against the pound, closing on 0.6635 as a result. We finally had some good news against the Euro too, as the dollar rose to 0.7759 on the penultimate day of the week. After yesterday’s good news, the dollar had a disappointment today as it fell back to 0.9688 against the Swiss franc. Did this mean we were in for a bad finish tomorrow?
A little disappointment was in store today as the US dollar had its first drop of the week against the pound. It was pretty minor though as the closing rate was 0.6623 – still better than the opening rate had been on Monday morning. We were hoping we’d get a better result to close on with the Euro, but it was not to be. Instead the dollar dropped back to finish on 0.7728. Elsewhere the dollar didn’t get the finish it wanted against the Swiss franc either, as it fell back further to 0.9634.