Posted August 18, 2014
This week was an interesting one for the dollar as it traded against the various European currencies around. How would it fare against them throughout the entire five days of trading?
The US dollar edged up to start the week against the British pound, as it moved from 0.5950 to 0.5958 today. Could it continue in this vein for the remainder of the week? The dollar had a marginal improvement against the euro too, rising from 0.7469 to 0.7470 today. Elsewhere the dollar began the week on 0.9065 against the Swiss franc, but dropped an equally tiny amount against it as it had against the euro. It closed on 0.9064 as a result.
The improvement continued against the pound today, but the dollar didn’t put on as much as it had yesterday. Instead it moved up slightly to 0.5960. The opposite was true for the dollar versus the euro, where it did better than it had yesterday. It finished up with a closing rate of 0.7492 today. There was a big jump in the right direction against the Swiss franc though, as it managed to close out the day on a far healthier 0.9094.
Yesterday’s small improvement against the British pound got better today, as the dollar moved up further to 0.5985. This was turning into a positive week for the US dollar in this situation at least. The dollar did slip back against the euro after two good days to start with though, falling to close on 0.7485 today. Would this lead to a bad end to the week this time? After yesterday’s good result against the Swiss franc we were rather hoping for something similar today but it wasn’t to be. Instead it dropped back to 0.9083.
We made it four out of four today as the dollar moved up further to 0.5994 today. It was a very different picture against the euro though, as the US dollar dropped to 0.7477 today. There was another pattern emerging against the Swiss franc, where the dollar was regularly losing value. Today it dropped to 0.9066 from the 0.9083 it was on yesterday. Would there be another loss to cope with for the last day of the week?
Finally we had a disappointment today as the dollar lost some ground against the British pound. It wasn’t much to speak of though, as the dollar finished the week on 0.5991. We had another fall against the euro too, meaning we had only improved for two days out of five today. The dollar therefore ended today’s trading on 0.7469 this time around. We also had another drop against the Swiss franc, this time taking the dollar down to 0.9048. Perhaps we could have hoped for better but it soon became clear we weren’t going to get it. Maybe we’ll be luckier next week – but we’ll see.