Posted October 08, 2012
Some weeks you see a clear pattern in what is going on in the currency markets. This week we would follow the up and down pattern as the US dollar struggled to get ahead and remain ahead on a daily basis.
The US dollar started the week worth 0.7733 against the Euro. It managed to get off to a good start by improving that figure to 0.7765 by the close of play. The opening rate against the British pound was 0.6172 and it improved to 0.6199 by the end of the first day, so things were looking up here. As far as the Swiss franc was concerned, the dollar got off to the better start. It went from 0.9357 to 0.9392 by the end of the first day. So if we were searching for the best start to the week, we certainly got a good result to begin with.
It felt as if yesterday didn’t happen when it came to the exchange rate achieved by the US dollar versus the Euro by the end of the day, as it had dipped back to Monday’s opening rate of 0.7733. There was a similar drop against the pound as well, seeing the dollar fall to 0.6191. The Swiss franc pushed back against the dollar today, taking it back down to 0.9359 by the time the day was over.
It was back up with another improvement today as far as the US dollar was concerned, achieving 0.7749 against the Euro. Today also saw good news against the pound as the dollar pushed ahead to a better rate of 0.6206. There was also another improvement against the Swiss franc, taking the dollar up to 0.9380 in the process.
Today it became obvious that an up and down week was in store, as the dollar fell against the Euro, sending it back down to 0.7721. Any improvement is a good one – even a marginal one – so we were pleased to see the dollar do slightly better against the pound too, finishing on 0.6207 for the day. After yesterday’s good news against the Swiss franc we had bad news to replace it today, as the dollar fell to 0.9360.
According to the pattern thus far we would have been forgiven for expecting another rise against the Euro today. But that didn’t happen. Instead it fell again to 0.7691, leaving the dollar worse off than when it had begun. Unfortunately we also saw another drop against the pound, as the dollar closed the week on 0.6177, slightly higher than the opening rate back on Monday morning. Finally as the week came to an end, there was another drop to contend with against the US dollar as well. This time the Swiss franc was able to push it back to close out on a lower rate than the dollar had started with for the week. The closing rate was 0.9315.