Posted October 07, 2014
Some weeks produce interesting patterns in the exchange rates and results on the currency markets. This would prove to be one of those weeks, as some days produced good results in some areas and not so good ones elsewhere.
The US dollar started the week on 0.6160 against the British pound but it dipped today, falling to 0.6157 as a result. Would this be the start of a downward spiral for the week? The dollar opened on 0.7733 against the euro but it did well here – for today at least. It closed out the day on 0.7745. The third European currency we’re going to focus on is the Swiss franc. The dollar opened trading on 0.9348 and improved to 0.9371 by the end of the day, giving us hope we’d have a good day here.
After yesterday’s hesitant start there was better news for the dollar today. It rose to 0.6171 against the British pound, giving hope there would be a better week in store. The dollar didn’t do well against the euro though, falling instead to 0.7722 by the end of the day. Yesterday’s good work against the Swiss franc was ruined today though, as the dollar dipped to 0.9332.
Today we reverted to bad news against the pound as the other currency got the better of the dollar. By the end of the day the dollar was down to 0.6125. Another drop was in store for the dollar against the euro, as the exchange rate slid back to 0.7718. Was this how the rest of the week would progress? The US dollar did regain a little of its losses against the Swiss franc as the currency rose to 0.9340 today.
Yesterday’s slide was stalled today but the dollar still couldn’t improve – instead it slipped back to 0.6124 today. Could we arrest this slide and at least end on a good note? The dollar did at least have a great day against the euro today, rising significantly to 0.7768 to close out the day. Another good day was had against the Swiss franc too, as the dollar pushed higher to end on 0.9389.
We couldn’t get the result we wanted to close on this week, and we actually slid back a lot further against the British pound. So the dollar ended up closing today on 0.6119 instead. If we wanted another good rise against the euro we got it though – ending the day on 0.7780 as a result. There was a marginal loss against the Swiss franc today but it was only noticeable if you went a few more decimal points along the figure. Yesterday the dollar was worth 0.938937 against the franc, while today it was worth 0.938920. At least the loss was a tiny one. Perhaps those losses will be eradicated next week – or maybe they’ll climb to significantly higher ones.