Posted October 13, 2014
Sometimes you just don’t know what’s going to happen next on the currency markets. This week’s slew of results will support this idea, as you will soon see one day’s good news can transform into something entirely different the following day.
So the US dollar began the week on 0.6224 against the British pound and it actually performed well on day one, rising to 0.6253 as a result. Would this bode well for the remainder of the week though? The dollar had a good start against the euro too, as it rose from 0.7926 to close out the day on 0.7958. Let’s take a look at a third European currency now – namely the Swiss franc. The dollar managed a pretty good start here, rising from 0.9582 to 0.9645 today.
The dollar fell against the pound today, disappointingly, as it slipped back to 0.6218. A similar pattern looked to be slotting into place against the euro too, as the dollar slid to 0.7932. Would we see this elsewhere too? Maybe after these results a drop against the Swiss franc won’t come as a huge surprise. The dollar fell to 0.9609 here.
After yesterday’s fall against the pound the dollar did better today, rising to 0.6223 in the process. The same couldn’t be said of its performance against the euro though, as the dollar fell to 0.7908. Clearly the results the dollar achieved depended largely on which currency it was going head-to-head with. This holds true because against the Swiss franc it dropped back again, the second day in a row it had done this. This time the dollar closed things out on 0.9594.
This was turning into a seesaw kind of week for sure, as the dollar slid back after yesterday’s gains. This meant it closed the day on 0.6170. The dollar certainly wasn’t having a good time against the euro either, falling to 0.7835 today, which represented a week-long low. A third drop in a row was in store for the dollar versus the Swiss franc, as it slid lower to 0.9486. Did this mean it would end up going lower still for the final day of the week, or would there be a better result in store?
Finally we had a piece of good news to close out the week on, as the US dollar rose to 0.6236 against the British pound. This was slightly better than Monday’s opening rate. Fortunately the dollar did fight back against the euro, rising to 0.7912 today. It wasn’t as good as the opening rate on Monday but it did claw back some of the losses we’d experienced throughout the week. The dollar also managed to do better against the Swiss franc after three straight days of losses. Here it managed to end the week on 0.9567. This was lower than the opening rate too, but it could have been a lot worse.