Posted July 22, 2013
A lot can happen between Monday and Friday as the US dollar struggles to gain control and come out on top against all manner of world currencies. Which ones would get the better of it in the end?
As the week got underway, the US dollar started out on 0.6618 against the British pound. It climbed a little by the end of the day, closing out trading at 0.6645. There was slight increase against the Euro as well as the dollar started on 0.7672 and rose to 0.7685 by the time trading was over. The third European currency to go up against the US dollar was the Swiss franc. Here the dollar started the week on 0.9504 and closed out Monday evening on 0.9525.
After yesterday’s good start today was a little less successful. The dollar slipped back instead of rising further, finishing on 0.6626 as a result. The pattern was borne out against the Euro as well, as the dollar fell to 0.7623 by the close of play. We saw the same occur against the Swiss franc to make it three out of three. The exchange rate dropped to 0.9430 by the time the day was over.
We should perhaps have expected another drop in the exchange rate today and that’s what we got, as the dollar fell to 0.6570 against the pound. It looked as though the pattern was being followed in other areas too, because the dollar dropped to 0.7612 by the close of play. Another drop occurred against the Swiss franc as well, with the dollar falling to 0.9394 by the end of the day.
After two days of falls in the exchange rate the dollar finally got back in a good position today. Instead of falling it improved slightly to close the day on 0.6575. And once again we saw something similar with the Euro, as the dollar rose to 0.7637. As you might have expected, the dollar also perked up today when it came to the head to head with the Swiss franc as well. Here the dollar managed to finish the day on 0.9447.
The last day of the week saw another slight drop for the dollar, as the currency finished the week on 0.6553. And once again there was a similar situation against the Euro as the dollar slid back to close on 0.7620. It was clearly not going to end well this week, because the dollar also lost some ground against the Swiss franc. The final rate here turned out to be 0.9419. As you can see there were some disappointing results over the course of the week. While it was nice to see some healthier results at the beginning of the week, it wasn’t going to happen for the whole five days. Hopefully we’ll see some more good results next week too.