Posted December 15, 2014
A challenging week was ahead for the US dollar, and we’ve got all the details for you right here. Would it achieve any reasonable results at all? Let’s find out.
As the week began the US dollar stood at 0.6375 against the British pound. This soon changed when the dollar moved forward to finish the day on a more encouraging 0.6399. Our second stop in Europe for the US dollar was up against the euro, where things were started on an exchange rate of 0.8089. This did well today too, just as the dollar had against the pound. Here it rose to 0.8157. Over in Switzerland the US dollar started on 0.9724 before rising to 0.9808 on day one.
The dollar may have gotten a good start against the pound yesterday but it didn’t continue that way. By the end of today it was back to 0.6388. The same was true of the dollar versus the euro, where the dollar ended the day on 0.8084 – lower than it had started with on Monday morning. The same picture was being played out against the Swiss franc too, as the dollar closed today on 0.9718.
Clearly the pound was getting on top of the dollar as the week went on. Today the dollar found itself pushed back further to 0.6373, and with two days to go it wasn’t looking too good either. Another drop came into play against the euro too, as the dollar fell to 0.8069. Today obviously wasn’t a good day all in all because we also saw a drop against the Swiss franc, this time to 0.9703.
A small gain was finally made against the British pound today as the dollar moved up a little to 0.6378. Would it be enough to secure another rise tomorrow to finish the week on a good note? No such good news was secured against the euro, as the dollar weakened further to 0.8046 today. The same pattern looked to be in place against the Swiss franc as well. After another tough day of trading (at least as far as the US dollar was concerned) the franc had pushed it back further. This meant it finished up on 0.9665 today.
We posed a question yesterday and today we know the answer is no – the US dollar did lose more ground over the British pound. By the end of the week it was down to 0.6365. It wasn’t turning into a good week against the euro either. After the rise on Monday the dollar had lost ground throughout the rest of the week, falling to 0.8032 today. After following the same pattern up to Thursday against the Swiss franc as well, it didn’t seem surprising to find another drop against the Swiss franc today. Here the dollar fell to close out a disappointing week on 0.9646.