The New Year Beckons on the Currency Markets

Posted January 07, 2014

As we see out 2013, it is time to welcome in a New Year. How would the currency markets react to the second shortened week in a row? Let’s see how the US dollar and various other currencies did this week.

 

Monday December 30 2013

With Christmas over the US dollar had plenty of work to do to make the year finish in style. It started on 0.6056 against the British pound and did well today at least: rising to 0.6068 by the time trading was over. There was another European currency to take note of as well – the Euro. The dollar started on 0.7239 here and managed to rise to 0.7255 by the time trading was done for the day. Elsewhere the US dollar was claiming 1.0663 against its Canadian counterpart at the start of the day. By the time it was over this rate had improved to 1.0711. Would we hang onto this rate for any longer?

Tuesday December 31 2013

After yesterday’s good result against the British pound the dollar fell down today and disappointed us. It slid back to 0.6045 to finish 2013. There was a similar picture to see against the Euro too, as the dollar lost some ground to close out the day (and the year) on 0.7251. After yesterday’s improvement against the Canadian dollar it was time to see some disappointment today, as the US version sank back to 1.0638.

Wednesday January 1 2014

As you might expect there was no trading on the currency markets today as everyone celebrated the start of a brand New Year.

Thursday January 2 2014

After the day’s rest things were back to normal today. The good news was the dollar got off to a good start by edging back up to 0.6063 against the pound. Now the real question was whether it could continue to do the same to close out the whole week. We were hoping for a good day against the Euro too, especially after the last minute loss to finish the old year. We got what we hoped for, with a new rate of 0.7321 at the end of the day. The US dollar had ended 2013 with a disappointing rate against the Canadian dollar, and there was more bad news today. It started on 1.0638 and closed slightly lower on 1.0631.

Friday January 3 2014

The US dollar was doing well to start 2014 and with today left to trade, we wanted to see a good result. Fortunately we did just that, as we managed to up things to 0.6091 by the day’s end. We also managed to save the best for last with regard to the Euro, with a closing rate here of 0.7334. There was no such story in store against the Canadian dollar though – here we ended up losing ground and finishing off the week on a disappointing 1.0611. We could have done better but at least 2014 has begun in earnest.

 

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