Posted May 13, 2013
Sometimes a trading week will be split into two halves, with one half performing distinctly better for a currency than the other. Would this week turn out to be much like this for the US dollar?
As the week began, the US dollar enjoyed a small increase from 0.6429 to 0.6432 against the British pound, but would this continue as the week went on? In the meantime, the dollar started on 0.7625 against the Euro, and this rose to 0.7629 by the end of the day, so a good start here too. Let’s move on to another part of Europe now, to see whether the dollar could perform well against the Swiss franc too. Here the opening rate was 0.9329 and by the end of day one the dollar had risen to 0.9369.
The dollar did well against the pound yesterday, but there was better to come today as it climbed further to 0.6440. There was no change against the Euro today, but things were still looking quite positive in this part of Europe. After yesterday’s good start against the Swiss franc there was more good news today: the dollar finished on 0.9409.
After two good days against the pound thus far, the dollar improved yet again today. It managed to increase its standing to 0.6447 by the end of the day. Elsewhere the dollar dropped back slightly against the Euro, falling to 0.7613 in the process. It was a day of falls in many respects, because the dollar also lost ground against the Swiss franc. Here the dollar fell to 0.9391.
There had to be a day when the dollar lost ground against the British pound of course, and today was that day. By the time trading was done with, the dollar had slid back to 0.6424. We had a similar picture to see against the Euro as well, because the dollar fell to 0.7609 at the end of trading. Elsewhere there was another fall in store, as the dollar finished the day on a disappointing 0.9351. Would it be able to recover tomorrow as the week was fast coming to a close?
If yesterday was a disappointment for the dollar, today was anything but. Indeed, the dollar finished on a high note, achieving a rate of 0.6500 in the process. We were hoping the dollar would also recover against the Euro, and fortunately it did, rising considerably to finish on a week-long high of 0.7699 as it did so. After yesterday’s performance against the Swiss franc, we were wondering whether the dollar would be able to pull back against the franc to finish the week on a good note. Perhaps we were hoping for too much, but in fact we got the result we wanted as the dollar rose considerably to close out the day – and the week – on a much better 0.9570.