Posted October 29, 2012
Last week was an interesting one for the currency markets. The US dollar took on a range of European currencies, so which ones would it perform well against and which ones would it suffer against? Let’s find out what really happened and how the dollar stands now.
So let’s see how the dollar fared against some other major currencies last week. On Monday it started off with a rate of 0.6235 against the British pound, and this barely moved on day one, offering just a little improvement for the dollar. There was a drop against the Euro though, as the dollar went from 0.7671 to 0.7655 on this first day. The dollar started on 0.9271 against the Swiss franc, and achieved nothing but a fall to 0.9260 on day one.
After yesterday’s marginal result against the pound, the dollar managed to push ahead to claim a rate of 0.6256 today. There was better news against the Euro too, as the dollar closed out the day on 0.7689, so perhaps things were looking up all round. This was the case against the Swiss franc too, where the dollar rose to finish the day on 0.9302.
It should be expected for us to experience a drop at some stage this week, and the dollar fell to 0.6245 today against the British pound. But this wasn’t the case against the Euro; in fact the dollar was looking stronger than ever here as it closed the day on an impressive 0.7726. There had been a steady improvement against the Swiss franc thus far, and today was no exception for the dollar. It managed to close things out on 0.9349 so things were still progressing well here.
So just two days left of the week already, and today the US dollar was seen to fall against the pound, ending up on a day closing rate of 0.6194 in the process. Another fall was in store against the Euro too, something of a surprise given the dollar’s performance so far, so it ended the day on 0.7696. Finally though we saw a drop against the Swiss franc as the week came towards the end, with the pound falling to 0.9310.
There was better news in store today and it came just in time to enable the US dollar to close out the week in stronger fashion. It finished things on 0.6207 against the pound. After yesterday’s drop against the Euro you might have expected something similar today, but in fact things improved as the dollar went up to 0.7747. So would the same be true of the dollar against the Swiss franc? In fact it closed out the week slightly better off on 0.9366 so things were looking good there too. It had been a dramatic week all told, but all in all things were better for the US dollar.