Posted July 09, 2013
If you were expecting an easy ride for the dollar this week, you might be mistaken. However you might be surprised at what did happen, as the currency went head to head with a variety of other major currencies.
As the week got underway the US dollar opened up on 0.6553 against the British pound. It then managed to get a good start to the week by upping things to 0.6567. The dollar opened on 0.7645 against the Euro and had a similar time here, gradually improving throughout the day to close on 0.7670. The third European currency we’ll look at is the Swiss franc, and the opening rate here was 0.9432 before it improved a little to close on 0.9465.
After yesterday’s healthy start we had another good showing today too, as the dollar rose higher to close out the day on 0.6590 against the pound. We had another good result against the Euro as well, because the dollar managed to hit a high of 0.7682 by the end of the day. After yesterday’s improvement against the Swiss franc, things got better still as the dollar managed to edge up further today to end up on 0.9490.
If we were expecting another good day against the pound today, we were sadly mistaken. Instead, the US dollar ended up dipping back to 0.6552 – not exactly a poor result but not an increase either. There was better news against the Euro though, as it went to a higher closing rate of 0.7716. We had to expect a drop against the Swiss franc at one point or another, and it came today. By the time trading was finished the US dollar had slid down to 0.9479.
The dollar dropped back again today after a couple days of better results, so by the time the markets closed the dollar was on 0.6622 against the British pound. We might have expected a drop against the Euro meanwhile and that’s exactly what we got, as the dollar slid back to 0.7701. We dropped back against the Swiss franc yesterday but today we managed to hit back a little, ending the day on a healthier 0.9494 as a result.
Would the dollar manage to achieve a better rate against the British pound so it could finish the week in style this week? The answer was yes it could – it managed to finish on 0.6679 in the end. We had a good finish against the Euro as well – here the US dollar hit back and closed the week on 0.7762. Finally we are at the end of the week and looking at the final currency for now. We managed to end in good shape against the Swiss franc, as the US dollar found a final push to end on 0.9584. All in all it had its ups and downs but it wasn’t a bad week.