Posted September 25, 2012
Some weeks we find nothing but poor results for the US dollar, as major currencies from several quarters have what it takes to beat it back into submission. This week would prove to be one of those weeks, as the currency struggled to achieve anything of note.
And so the week begins for the US dollar, as it tries to improve on the rate of 0.7870 it ended on against the Euro last week. Today didn’t start well though, as the dollar finished up on 0.7827 by the close of play. So we were hoping things would turn out better against the British pound, where we started on 0.6270. Unfortunately we finished the day on 0.6259 so things didn’t look good. But could it do any better against the Swiss franc, or was this simply one of those weeks? The opening rate was 0.9545 but the opening day saw a predictable fall to 0.9463.
Another drop was on the cards today for the dollar versus the Euro, as it slid to 0.7820. Would this be a bad week for the dollar? The same was true against the pound, as the dollar slid back to 0.6239. We were braced for a similar story against the Swiss franc, and we were right to be as well. The dollar fell to 0.9442 by the close of play.
The bad week we speculated on yesterday continued today against the Euro, as the dollar fell further to 0.7754. The pattern was being repeated against the pound as well, because by the end of trading today the dollar was lower on 0.6216. By now we could tell where the week was heading for the dollar. The Swiss franc saw it off today too, dropping it further to 0.9369.
By the time we reached the end of day four of this week on the currency markets, the dollar was down even more, ending on 0.7745. Could it do anything to make sure the week ended on a slightly more positive note against the Euro? The drop wasn’t quite as bad against the pound today but there still was a drop, as the dollar fell to 0.6207. However a rarity occurred against the Swiss franc as the dollar actually managed to creep up a little to 0.9395. We doubted it would last, but it was nice to see amid a sea of bad results.
By the time the day was over it was clear the Euro was in control of the dollar. The closing rate for the US currency today was a disappointing 0.7617. There was another disappointing end to the week against the pound too, as the dollar fell to 0.6166. While yesterday’s optimistic result against the dollar was nice to see, we didn’t get the same reaction from its tussle with the Swiss franc. It finished on the lowest rate of the week, with the dollar dropping back to 0.9274 in the process.