Posted January 03, 2013
The US dollar had some challenges in store this week, as it went head to head with a number of major currencies. We’ve got the results for you right here – and they make for interesting reading.
The dollar didn’t get off to the best start today, as it fell from 0.6203 to 0.6170 against the British pound. Perhaps the worst news would come at the start of the week? We would soon find out. As far as the Euro was concerned, the dollar had a challenge here too. It started on 0.7644 but by the end of Monday’s trading the dollar had been pushed back to 0.7598. Now let’s take a look at a third European currency – this time the Swiss franc. The dollar started on 0.9241 here, and then dropped back to 0.9180 by the end of the day.
After yesterday’s drop against the pound the dollar slowed the rate of loss today. However it still dropped a small amount and stalled on 0.6167 at the close of play. There was another drop for the dollar versus the Euro as well, as it fell from 0.7598 to 0.7588 today. This picture was carried over to the Swiss franc too, as the dollar dropped lower to 0.9166.
Since the dollar slowed the rot yesterday against the British pound, we hoped perhaps it would turn in the opposite direction today. But this didn’t happen. Instead the dollar lost more ground and ended the day on 0.6135. We saw a similar pattern against the Euro as well, as the dollar fell back further to 0.7517. And again the picture was carried on to the Swiss franc, as here the dollar ended on a disappointing 0.9093.
Would today be the day the US dollar finally fought back against the British pound? Indeed it would, as it climbed to 0.6149 by the close of play. We noticed something similar happening to the US dollar versus the Euro as well, as the dollar climbed back up to 0.7549. More good news was available against the Swiss franc, as the dollar pushed back to close out the day on 0.9118.
The dollar wouldn’t be able to reclaim all it had lost by the end of the day, but it did manage to get back on better ground. It finished the week on 0.6163 all in all. And there was another bout of good news against the Euro, where the dollar ended the week on a healthier 0.7570. If we wanted to see a little more good news we got it against the Swiss franc too – here the dollar finished on a better 0.9143. So while there were a number of challenges this week, the dollar managed to carve out some better results at the end of the week to finish on a slightly stronger note, even if it had lost ground overall.