Posted May 28, 2014
Some weeks prove to be more memorable than others on the currency markets – but would this be one of them? Read our report and decide for yourself whether the US dollar could have done better last week.
As we got underway the US dollar opened on 0.5930 against the British pound. This stalled though and we closed the day on 0.5921. Elsewhere the dollar started on 0.7256 against the Euro but improved here and finished on a better rate of 0.7264. As far as the position against the Swiss franc was concerned, there would be ups and downs there as well. The dollar started the week on 0.8842 and improved on the first day to close on 0.8871. It was a reasonable start to the week but it didn’t exactly instil us with lots of confidence for a great week ahead.
After yesterday’s lower rate to finish, we did a little better today against the British pound, as the dollar rose to 0.5939. Was this a sign of better things to come? Another good day was in store against the Euro as well, as the dollar moved up further to end on 0.7297. Could the dollar keep doing this for the whole week? We did manage to make it three out of three today because the Swiss franc suffered too as the dollar rose further to claim an exchange rate of 0.8903.
The US dollar certainly showed the pound who was boss today, rising to 0.5960 by the close of play. Could we keep this up over two more days? There was tougher news in store against the Euro as the dollar fell back to 0.7289 today. There was another drop to negotiate too, this time against the Swiss franc, as the dollar slid back to close on 0.8892.
More good news was in store for the US dollar today as it rose to 0.5968 against the British pound. Could we get another great result to close on tomorrow? After yesterday’s slight blip against the Euro there was a better outcome today that saw the dollar rise to 0.7321 by the time trading was over. Wednesday had clearly been a blip for the dollar because it improved against the Swiss franc today as well, rising to 0.8951 in the process.
Finally the dollar seemed to lose a little footing. It finished up on 0.5949 against the pound, losing a little ground from the past couple days in the process. We saw a similar picture against the Euro as well, as the dollar fell back to 0.7301 (although this was still better than Monday’s opening rate). We didn’t do as well against the Swiss franc today either, although once again we remained in a better position than we’d been in on Monday. We closed this particular head to head on a rate of 0.8915.