The US Dollar Has a Battle for Strength to Try and Win
Posted March 05, 2012
Good news and bad news waited for the US dollar this week, as it went head to head with a variety of other world currencies. Daily rises and falls were not uncommon, and the currency battled to maintain good results wherever it could.
Monday February 27 2012
The US dollar opened the week against the British pound by dropping from 0.6323 to 0.6311. It did better elsewhere though, climbing from 0.7456 to 0.7469 against the Euro. It was also seen to have a good start to the fresh week where the Chinese yuan was concerned, moving from 6.2980 to 6.3016 in the process. An opening rate of 0.9331 against its counterpart Aussie dollar appreciated to 0.9360 by the close of play today. So it was not a bad start to the week, although the good news was not heard right across the board.
Tuesday February 28 2012
Today saw another drop by the US dollar, falling to 0.6302 against the British pound. Another slide occurred elsewhere too, as it fell 0.0037 against the Euro. Not a huge fall, but enough to make you wonder what the rest of the week would hold in store. Yesterday’s rise against the Chinese yuan was tempered by a loss today, taking the dollar back down to 6.3004 in the process. Elsewhere the dollar was pushed back to 0.9280 by the Aussie dollar.
Wednesday February 29 2012
The dollar continued its downward slide against the British pound today, while elsewhere it climbed by a tiny amount against the Euro. The Euro in turn did fine against the Japanese yen, buoyed by news from the European Central Bank. But back to the US dollar and we were just in time to see another dip against the Chinese yuan, taking it down to 6.2938. There was another dip in store against the Australian dollar too, finishing on 0.9234 as a result.
Thursday March 1 2012
Was today going to be a great day for the US dollar? It reached its lowest point yet against the British pound, falling to 0.6271. It did rather better when up against the Euro too, pushing hard to gain a rate of 0.7512 in the process. We’ve already seen the up and down nature of the week against the yuan in China, and today would be no exception. At least the dollar managed a slight increase, heading up to 6.2995 as it did so. It also headed in the right direction against the Australian dollar, pushing back and garnering an increase to 0.9279 as a result.
Friday March 2 2012
If the dollar was leaving everything until the last minute, it did well to time it just right. Today saw a rise from 0.6271 to 0.6300 against the pound, giving it the best boost it had seen all week. It garnered the best performance against the Euro too, rising to 0.7566in the process. But there was another drop against the Chinese yuan, as the dollar headed back down to close out the week on 6.2977. If we wanted a better result against the Aussie dollar we didn’t get it, but at least the loss was minimal, sliding from 0.9279 to 0.9278 by the end of the day. The US dollar had clearly had something of a struggle on its hands this week.