Posted July 29, 2014
There would be good news this week for the US currency, as it picked up strength and managed to perform strongly across the board. Would there be any poor results at all?
Let’s see how the dollar would do this week. It opened against the British pound with a rate of 0.5852 but that soon improved by the end of today as the dollar rose to 0.5855. As far as the Euro was concerned the dollar started well here too, rising from 0.7393 to 0.7397 throughout day one. Our third European currency also had a tough time under the gaze of the US dollar. Here the Swiss franc was pushed back as the dollar went from 0.8978 to 0.8983 today. Would this pattern continue throughout the week? Was the dollar really strong enough to continue in this vein?
We had another good result today against the British pound, as the dollar pushed ahead further to close on 0.5863. The same picture was seen against the Euro as the dollar rose further to 0.7417. And as if we needed more proof, we had another great result against the Swiss franc. Here the dollar rose to 0.9013 by the time the day was over.
As the midweek point approached the dollar showed no signs of slowing against the British pound. In fact it closed out today’s trading on 0.5873 – even better still. We were clearly getting some good results this week because the dollar ended today on 0.7426 against the Euro too. The same story was borne out once again as the dollar pushed ahead further to 0.9023 today.
The changes we’d seen so far were hardly big but they were adding up, along with the improvement we achieved today. The dollar closed out on 0.5879 today. We were half-expecting a drop against the Euro at some point and today provided that point. The US dollar fell back slightly to 0.7422 today. We also saw a similar picture being played out against the Swiss franc, where the dollar slipped slightly to 0.9020 today.
Finally the US dollar managed to make it five out of five as it closed on an impressive 0.5886 today, making it a pretty good week all in all. After yesterday’s fall against the Euro the dollar made up for it today by closing on 0.7440. And the last result for the week was against the Swiss franc, where the dollar picked up again after its lull yesterday, ending on 0.9041 this week. Clearly it was a great result all round for the US currency, with better results throughout the majority of the week. Whether it will last or not remains to be seen, but if it does we could be in for a better week of results next time around as well. Now that would be something to look forward to.