Posted September 11, 2012
The US dollar would have a challenging week from Monday 20th onwards, and we’ve gathered together the main currencies it went up against in order to see which ones it struggled against over the course of the week.
The US dollar was looking for a good start to the week against the British pound, and it managed to achieve it. It went from the opening rate of 0.6364 to a slightly improved 0.6369 by the end of Monday. The story was similar against the Euro, as the dollar nudged up from 0.8105 to 0.8130, making a good start here as well. The dollar opened on 0.9884 against the Canadian dollar, and got the better of it on day one with a rate of 0.9891.
Unfortunately today did not start well for the dollar, and by the end of the day it had wiped out yesterday’s gains against the pound, closing on 0.6343 in the process. The story was repeated against the Euro as well, and the dollar ended up much lower on 0.8046 by the end of the day, losing a total of nearly a cent in the process. There was another predictable loss against the Canadian dollar too, as its American counterpart fell back to 0.9856 to close the day.
Yesterday was disappointing for the dollar versus the British pound, and it would seem today turned out the same. The dollar dropped to 0.6329 by the time the day was done, making us wonder whether we’d end up with a bad week all in all. There was a smaller drop against the Euro than the one we saw yesterday, but it still resulted in a closing rate of 0.8033. Better news was in store against the Canadian dollar though, as the American dollar rose to end today on 0.9925, not far from parity.
We were hoping for a rise in fortunes for the dollar today as far as the pound was concerned, but our hopes would be in vain. The closing rate for the day was 0.6302, and with just one day to go it seemed almost certain the dollar wouldn’t get back to where it had started the week. The same story could be said of the dollar against the Euro, where the rate at the end of today turned out to be 0.7966. Parity moved slightly further away against the Canadian dollar, as its American version closed on 0.9909.
As it turned out our fears regarding the dollar were correct – it managed a small improvement against the pound, rising to 0.6313 in the process, but that was as far as things went. There was another small improvement against the Euro too, but again it did not compensate for the losses earlier in the week. It stalled the losses by ending the day on 0.7995. The same story was played out against the Canadian dollar, as the American dollar improved to 0.9933 but was unable to recoup all the losses from earlier in the week.