Posted June 05, 2013
This would not turn out to be the best week for the US dollar. Instead of being in charge for much of the week, it was pretty much on the back foot. Let’s find out more.
As the week began, the US dollar was worth 0.6623 against the British pound. However this slid over the course of the day, resulting in a slightly weaker dollar by the end of trading, worth 0.6612 instead. As far as the dollar against the Euro was concerned, there was no difference between Sunday and Monday, as the dollar settled on 0.7728. The US dollar opened on 1.0332 against the Canadian dollar, and its counterpart got the better of the day today as the US dollar fell back to close on 1.0323.
Another slight drop was in store for the dollar today as far as the pound was concerned, as it fell back to 0.6610. There was a slight movement against the Euro too, but this time in the right direction, as the dollar edged up to 0.7729. Better news was available against the Canadian dollar too, as the US dollar rose to finish on 1.0343.
The tide turned today as the dollar managed to edge up to 0.6616 against the pound. But there wasn’t such good news elsewhere as the dollar fell to 0.7720 against the Euro. We were back to better news against the Canadian loonie though; here the US dollar rose to close out the day on 1.0372. So all in all it wasn’t a bad day although it could have been a little better in the end.
It felt as though yesterday hadn’t happened as far as the tussle between the US dollar and the British pound was concerned: the dollar was pushed back to 0.6610 again. But in an up and down week, there was an ‘up’ happening elsewhere as the dollar rose to 0.7725 against the Euro. After yesterday’s rise against the Canadian dollar you might have expected a good run today too, but things slowed down a little, offering a small increase to 1.0377.
Finally to close out the week, it was the pound that got the upper hand against the US dollar. The closing rate was 0.6563 – disappointing to say the least. Finally we saw another poor result against the Euro, as the US dollar fell to close out 0.7688. We have just the result between the US dollar and the Canadian dollar to look at now. Here the US version fell and weakened to 1.0329 to close the week, so it wasn’t all good. In fact it felt as if every gain the US dollar made this week was hard fought and hard won, leaving the currency struggling to make any impact at all on a long term basis. Perhaps next week will produce some better results.