Posted August 13, 2012
Some weeks are a real mix of results and this week would prove to be no different. The dollar had plenty of work to do and it looked as though it would be a tough week ahead for the currency. But would it come out on top in the end?
The US dollar started the week worth 0.8166 against the Euro, but this had dropped to 0.8078 by the end of Monday on the currency markets. Did this mean we were in for a tough week? We would find out in due course. Elsewhere, the dollar also dropped a marginal amount against the British pound, falling from 0.6430 to 0.6422. The dollar started the week on 0.9809 against the Swiss franc, and by Monday evening the rate had dropped here as well, falling to 0.9704.
After yesterday’s disappointing start we were hoping for a little better today. Unfortunately the Euro still got the better of the US dollar, pushing it back to 0.8041 in the process. The same was indicative of the head to head between the dollar and the pound, as the dollar fell further to 0.6379. There was another fall in store for the dollar as far as the Swiss franc was concerned too, finishing the day on 0.9661.
There was better news today in terms of the dollar’s stance against the Euro: it managed to climb to 0.8106 by the close of play. But could we achieve something similar against the pound? Yes we could, came the answer – the dollar rose to 0.6394 by the end of the day. The dollar also finally did well against the Swiss franc today: rising to 0.9737 by the time trading was over. But would it keep up this improved performance to close out the week?
Perhaps yesterday’s better result against the Euro inspired the dollar to achieve more today as well. It improved to close out the day on 0.8129. There was more good news against the British pound too, as the dollar managed to climb by a marginal distance, improving to 0.6398 by the end of the day. Yesterday’s good performance against the Swiss franc continued for another day as well. The dollar managed to keep on pushing back and achieved a closing rate of 0.9763 in the process.
Finally the US dollar achieved the best rate of the week to finish off with, on 0.8155. However this was still disappointingly lower than it had started with; at least it had repaired some of the midweek damage though. It did however save the best for last against the pound, rising to an impressive 0.6410 by the end of the week. We were also looking for another good result against the Swiss franc, and we were not disappointed. Here the dollar closed out the week on 0.9793, which, while not as good as the starting rate, it was a good recovery against some poor results earlier in the week.