Posted March 15, 2013
Major currencies had challenging times last week as they tried to get the better of other currencies. With ups and downs experienced on a daily basis, which ones would be triumphant by the end of the week?
As the week began the US dollar was standing at 0.6651 against the British pound. By the time day one was over the dollar had lost a little ground, finishing on 0.6642 in the process. It was a similar story against the Euro, where the dollar slid from 0.7692 to 0.7688 over the course of the day. So how would the dollar perform against the Swiss franc, our third European currency this week? The opening rate of 0.9419 against the Swiss franc did see an increase, albeit a small one, as the dollar rose to 0.9422.
We hadn’t had the best start to the week against the British pound and today didn’t help either as the dollar slid back further to 0.6596. There was another slip in the wrong direction for the dollar versus the Euro today, as it lost more ground to land on 0.7672. Yesterday’s increase against the Swiss franc was all for nothing as it turned out, as the dollar ended up roughly back where it had started on, 0.9419 again.
The dollar bounced back against the pound today and managed to reclaim some ground, if not achieving the highs of Monday’s start. It closed the day on 0.6631. The rate of loss against the Euro slowed today, but it was still there if only in moderation as the dollar dropped to 0.7671. After the early rise and disappointing loss against the Swiss franc, we wondered what the day had in store for the US dollar. Fortunately things went our way and we managed to improve our standing to 0.9436 by the end of the day. Would we be able to hold onto it though?
Another good day was in store today for the US dollar as it hit the highest point it had been at all week. It achieved a rate of 0.6648 in the process. We were hoping for better news against the Euro today as well and we actually got it, as the dollar hit 0.7686 by the day’s end. Yesterday’s good increase against the Swiss franc turned out to be something to hold onto, as we improved still further to 0.9468 today.
If we wanted the dollar to save the best for last, it certainly managed to do that. The closing rate for the week turned out to be a successful 0.6653. It was a different story against the Euro though as the dollar dropped back to close on 0.7639. Finally we fell back again where the Swiss franc was concerned, leaving us on a disappointing 0.9438 to close out the week. At least it was a little better than we had started on though.