Posted October 22, 2013
Most weeks on the currency markets see good and bad results, but it varies as to which ones end up canceling out the others. This week we’d see a fair number of ups and downs on the markets, so how would the US dollar fare overall?
The US dollar opened on 0.6258 against the British pound and failed to get a good result to start the week, falling instead to 0.6254. The opening rate against the Euro did slightly better though, as the dollar rose marginally from 0.7371 to 0.7372. The dollar started on 0.9077 against a third European currency, the Swiss franc, and it managed to improve by a small margin here as well, rising to 0.9093 in the process.
After yesterday’s dip the US dollar managed to improve against the pound today. It was boosted to 0.6272 by the close of play. There was another good result against the Euro too, this time seeing the dollar finish on 0.7411. Today was an all round good day in fact, because the dollar rose to 0.9161 against the Swiss franc as well. Would this be how the week would continue?
This was looking like an up and down week because the dollar fell again today, closing on 0.6237 against the pound. The same story could be told with regard to the Euro as well, as the dollar closed on a lower rate of 0.7374. It was an all round disappointment today because the US dollar managed to wipe out its earlier gains against the Swiss franc, taking it down to 0.9100 in the process.
Another fall was in store today which saw the dollar reach a new low of 0.6204 against the pound. It wasn’t looking good against the Euro either, as the dollar fell again to reach a low point of 0.7319. Would it recover in time for Friday evening? One currency the dollar was having trouble with now was the Swiss franc, as it fell back to close on a disappointing 0.9022 today, falling from a far better rate of 0.9100 in the process. Was this how the week was going to pan out in the final days?
If we were hoping for better news today we didn’t get it – not against the pound at least. The dollar finished up on a disappointing 0.6176 instead. In answer to the question we posed against the Euro yesterday, we didn’t get the outcome we wanted. Instead the dollar dropped a little further and closed on 0.7307 – lower than it had started off at when the week opened. And once again we saw the US dollar lose ground against the Swiss franc, although it did manage to vastly slow down the rate of loss. The dollar ended the day on 0.9020 as a result. A disappointing performance all round but it could have been so much worse.