Posted June 20, 2012
Most weeks consist of mixed fortunes as far as the US dollar is concerned. This was certainly one of them and we had every reason to suspect that there would be no notable differences in exchange rates this week.
The week opened on 0.6480 for the US dollar against the British currency, but the British pound got the first bite here. By the end of the day the dollar was down to 0.6438. The week could have started better for the dollar against the Euro too, as it fell from 0.8020 to 0.7971. And it was a similar picture against the Swiss franc as the dollar lost ground initially, falling from 0.9634 to 0.9574.
There was another loss in store for the US dollar today, but it wasn’t as pronounced as it was yesterday. Today the dollar sank to 0.6434 against the pound. The dollar perked up against the Euro though, adding on a small amount to go from 0.7971 to 0.8005. It also improved against the Swiss franc, going from 0.9574 to 0.9615 in the process. So in some cases the US dollar did well – just not against the British pound.
The losses kept on coming against the pound but they kept on getting smaller too. Today the dollar stemmed the loss to end on 0.6432. There was another small loss against the Euro though, wiping out yesterday’s good result and closing on 0.7978 as a consequence. It was also proving to be a choppy week against the Swiss franc. Even though the dollar did well yesterday the same would not be the case today. It fell to 0.9581 by the close of play.
If we were hoping for a day when the US dollar would pick up against the British pound, today was that day. The dollar managed to close things on 0.6447 today, giving us hope that it would do better to finish the week as a whole as well. The opposite was true of the currency against the Euro, as the dollar slid to 0.7967 by the end of the day. There was another slide in store for the dollar against the Swiss franc too, as it ended on 0.9567.
We didn’t get a better result today against the British pound, but the US dollar could have finished in a worse position. Instead it managed to close things out on 0.6445. There was another drop against the Euro too, perhaps surprisingly, to finish the week on 0.7939 all in all. Finally the overall losses for the US dollar also extended to include the Swiss franc, as the currency hit a low of 0.9534 to finish the week. It was not the best performance we ever saw from the US dollar, but there were good points to note here and there. Perhaps next week will produce some better and more promising results – but we have yet to see whether that will be the case.