Posted April 04, 2013
Easter arrived on Friday, meaning the US dollar had just four days to work with when it came to getting good results against the other major currencies of the world. Which ones would get the better of it?
As the week began, the US dollar was finding it difficult to get a foothold against the British pound. From a starting point of 0.6586 it finished the day slightly lower on 0.6583. As far as the Euro was concerned, the dollar managed to improve here, going from 0.7723 to 0.7730 by the end of day one. It also started the week on 0.9431 against the Swiss franc, although this got better by the end of the day, rising to 0.9441 as a result.
After yesterday’s dubious news against the pound, the dollar performed a little better today and closed on 0.6601 as a result. This was more encouraging; however there are only two more days of trading to go until the long weekend begins. What could the dollar achieve in that short time? If yesterday’s small improvement was anything to go by against the Euro, it was now time to get another improvement. Today it leaped up to 0.7775. Yesterday’s good result against the Swiss franc was improved still further today, as it rose higher to 0.9493.
There was another good result for the US dollar today as it managed to push ahead to 0.6619 against the British pound. Could it continue and finish the shorter week on a good note? After yesterday’s improvement against the Euro, it was time to enjoy another one today, as the dollar climbed further to 0.7832. It was a similar picture against the Swiss franc, and it soon became clear the US dollar was having a reasonably good week all round. Here it managed to improve still further to 0.9534 by the time the day was over.
We may have felt confident about the situation the dollar was in against the pound, but in fact the dollar fell back to 0.6603 today to close out a shorter week before the Easter break began. Unfortunately the same was true against the Euro, as the dollar slipped to 0.7809. At least this was better than the figure it had started with on Monday. We have today’s results to reveal against the Swiss franc as well – a situation where things had got better during the week. Unfortunately the same could not be said of today, where the dollar fell to 0.9523. However this was still better than the previous week, so it was looking good all round.
No trading today, as it was Good Friday. However it gave us time to think about the achievements of the last few days, so we can see whether the US dollar would do better over the coming week. It has been a reasonably good week for the dollar, and even though it slid in places towards the end of the week, it still made gains in several areas.