Posted December 04, 2013
Some weeks are frustrating – resulting in a series of good and bad results, depending on which way you look at things. This week produced some results that had us feeling encouraged one minute and frustrated the next. Clearly the US dollar was in for a rough ride this week.
As the week got underway the US dollar was worth 0.6223 against the British pound. This soon dropped back though, resulting in a closing rate of 0.6205. It was a similar story against the Euro too, as the dollar started on 0.7429 before falling back to finish the day on 0.7398. Let’s stay in Europe now as well, so we can see whether the US dollar would have anything much to go up against the Swiss franc with. The opening rate was 0.9172 and this soon fell to 0.9115 by the day’s end.
After yesterday’s disappointment against the pound, there was slightly better news in store today as the dollar edged up to 0.6210. Again the story was the same with the Euro too – the dollar pushed ahead to close on 0.7406 here. The pattern was repeated once more against the Swiss franc, resulting in a closing rate of 0.9134 in this location.
You might assume the dollar was on the up and up today but nothing could be further from the truth. There would be no increase today – instead there would be a drop back to 0.6192. It was clearly a challenging week all round because the improvement made against the Euro yesterday was all but wiped out today. It closed on 0.7392 as a result. By now we could almost predict what would happen against the Swiss franc as well, since the dollar had a similar result here. This time it would end up with a closing rate of 0.9109.
The dollar was clearly challenged by the British pound this week, and this continued to be the case. However at least the dollar managed to edge up to 0.6198 by the time today was over. The pattern was replicated in more than one place too, as the dollar rose to 0.7422 against the Euro. And once again it was borne out to be the same in at least one other location, as the Swiss franc struggled and let the dollar finish in a healthier position on 0.9143.
Predictably the outcome today should be a loss for the dollar, after all the ups and downs we’d experienced during the week. And indeed that’s what happened – the dollar dropped back to close out on 0.6172. Finally we were hoping for something a little better against the Euro but it was not to be. Instead the dollar finished by falling to a closing rate of 0.7397. One final bad result occurred against the Swiss franc too, as the dollar slid back to 0.9100 at the week’s end.