Posted July 07, 2013
This would prove to be another challenging week for the US dollar, as the following results testify. Would the dollar manage to get the better of a range of other currencies this week?
As the week began, the US dollar opened on 0.6400 against the British pound, but the power soon went to the pound as the dollar dropped back slightly to 0.6354. The story played out very differently against the Euro though, as the dollar fell from 0.7517 to 0.7497 over the course of a single day. Elsewhere the dollar started on 0.9262 against the Swiss franc and once again there was a loss here, as the dollar fell to 0.9228.
After yesterday’s slight struggle for the dollar, it recovered today against the pound and closed on a healthier 0.6401. The dollar didn’t manage to recover against the Euro though; after yesterday’s drop it experienced roughly the same today, falling to 0.7477 in the process. Clearly there was a challenge to meet here against the Swiss franc too, as the dollar lost more ground today, ending it on 0.9208.
It was looking to be a seesaw week against the pound, as today saw the dollar drop back once more, this time to 0.6383. Where would the week go from here? There was another disappointment in store against the Euro too, as the dollar fell to close on 0.7459. The only way was down against the Swiss franc as well, falling to 0.9194 today.
Today saw another piece of good news for the dollar, as it rose to 0.6473 against the pound. It made us wonder whether the dollar would end up dropping back again on Friday. After a few days of struggling against the Euro, the dollar turned things around today and ended up closing on 0.7575 instead. After a few days of struggling against the Swiss franc, things suddenly turned around today as the dollar finished the day on 0.9332.
We speculated over whether the dollar would end up losing ground again today, but it actually rose slightly to close on 0.6474. There was more good news against the Euro as well, as the dollar managed to push ahead and close on 0.7587 as a result. Perhaps we should have expected a difference against the Swiss franc today after yesterday’s increase in performance, but as it happened the loss was not a big one. The dollar finished up on 0.9299, which was still better than the dollar had started off with at the beginning of the week. So it was a dramatic week all in all and the dollar was struggling more against some currencies across Europe than others. Even though it finished the week in reasonable shape, it had not been without its struggles. Will it manage to do better all round next week, or will that produce some struggles as well?