Posted April 24, 2013
There were some interesting results in store for the US dollar this week. With no single pattern in evidence as we explored the results, it seemed it had more power against some currencies than others. Find out what happened here.
The week began with an opening rate of 0.6510 for the dollar against the British pound, and by the end of today it had gone up to 0.6520, so it was a good start. The dollar started on 0.7661 against the Euro but it didn’t have the same fortune it had against the pound. Here it fell to 0.7644 on day one. The US dollar started on 1.0118 against the Canadian dollar, and achieved a good result to start the week, by rising to 1.0205.
We had another good result against the pound today as the dollar rose to 0.6526 by the time trading was over. Again though, it was the opposite against the Euro, where the dollar fell lower to 0.7616. After yesterday’s good result against the Canadian dollar, the US dollar managed to add a little more onto the exchange rate today, rising to 1.0214 in the process.
Another good result was obtained by the dollar against the pound today, taking the exchange rate to 0.6560. There was no change against the Euro today, giving us a chance to take a breather in trying to gain the upper hand against the European currency. Things were looking good against the Canadian dollar though, which seemed to be struggling against its American counterpart today. By the time trading was over the US dollar had registered an exchange rate of 1.0258. Was there more to come by the time the remaining two days of trading were over? Could there be a good result here to look forward to by the end of the week?
After three good days of trading it was perhaps inevitable we’d have a problem eventually. The dollar fell slightly to close out today on 0.6552. After a poor first half of the week against the Euro, things finally started looking up today. The dollar closed out trading on 0.7665, rather better than yesterday. After three days of good trading against the Canadian dollar, perhaps it was inevitable that the Canadian loonie would start fighting back. Indeed, it managed to push the US dollar back to 1.0243, although this was still significantly higher than earlier in the week.
Finally the week was coming to an end, and it didn’t have the best end for the dollar against the pound, as it finished lower on 0.6514. However, this was still slightly up on where we’d begun the week. If we hoped the dollar would retain its good performance from yesterday against the Euro, we were disappointed. Instead it fell back to close the week on 0.7624. One final look at the US dollar versus the Canadian dollar revealed the US currency had the last laugh today. It rose to 1.0250 by the time the week was over, leaving us with a good improvement against the loonie for the week as a whole.