Posted April 23, 2015
This would not be a memorable week for the US dollar – not for the right reasons anyway. Here we explain what went wrong as the final figures come in for the week as a whole.
As the week opened the US dollar stood at 0.6853 against the British pound. It didn’t get a good start either as the pound knocked it back to 0.6837 by the day’s end. The dollar did at least get off to a better start against the euro, rising to 0.9476 from an opening rate of 0.9460 today. We had a good start against the Swiss franc too as the dollar began on 0.9829 and rose to 0.9830 today. It was a small gain but better than nothing.
After yesterday’s drop against the British pound the dollar had to contend with more of the same today as it fell further to 0.6831. There was bad news against the euro too as the dollar lost most of yesterday’s gains, leaving it to rest on 0.9466 today. Yesterday’s tiny gain against the Swiss franc was wiped out today as the dollar dropped to 0.9791.
It was clear the US dollar was not in a strong position against the pound this week. Today saw yet another drop, this time taking it to 0.6775. Were there two more days of this in store? We had more bad news against the euro too as the dollar fell here again, landing on 0.9452 by the close of play. Somehow we knew we would see another fall against the Swiss franc too, and we were right. Here the dollar fell to 0.9756 today.
The pattern of falls against the pound was continued once again as the dollar slid further to close on 0.6711. Would we rectify things with a good day to finish on or not? We were leaving things a little late against the euro as well, as the dollar fell back to 0.9336 today. We held little hope of a miracle tomorrow. The falls against the Swiss franc continued unabated today, sending the US dollar further down to a low rate of 0.9641 today. With just one day left to go and the opening rate this week of 0.9829 long since forgotten, could we redeem anything at all?
Today made it clear which currency was in the driving seat – and it wasn’t the US dollar. Instead the pound pushed back once again and led to the dollar closing on 0.6657. There was more of the same against the euro as the dollar finished in poor fashion here too on 0.9247, a fall of over two cents. And the picture was completed when the dollar finished on 0.9521 against the Swiss franc. This meant the dollar had lost a total of 0.0308 against the franc this week. It was clearly a very sorry picture for the US dollar this time around.