Three Challenges to the US Dollar
Monday July 2 2012
As the week got underway the dollar was at a level of 0.6408 against the British pound. Could it go higher? The initial answer was no, as the dollar slipped back to 0.6385 by the end of the day. Our next major currency to consider is the Euro, and the dollar began on 0.7942 here and dropped to 0.7940 by the end of the day. The opening rate against the Swiss franc was 0.9555 and it fell back to 0.9541 at the close of trading.
Tuesday July 3 2012
If we were hoping for a reversal of fortunes after the events of yesterday, we would be left hoping for a little longer. The exchange rate fell a little lower to 0.6383 for the dollar against the pound. Yesterday’s slight drop against the Euro made us wonder whether the dollar would slip again today. But we were wrong – the dollar went up instead to garner a rate of 0.7952. It also picked up against the Swiss franc, grabbing a rate of 0.9552 in the end.
Wednesday July 4 2012
Things were looking up again today as far as the dollar was concerned. It managed to get a better rate of 0.6394 against the pound, so perhaps this would be the turning point around which the rest of the week revolved. As far as the Euro was concerned we may have wanted too much to expect the dollar to climb in value against it again today. But we were granted our wish as the dollar closed on 0.7961. Another improvement was made against the Swiss franc too, the US dollar rising to 0.9564 as it went.
Thursday July 5 2012
Yesterday’s exchange rate between the dollar and the pound gave us hope, and today we got another reward for that hope. Today the US dollar improved still further to 0.6425, but could we get one last good result to finish off the week? Elsewhere the dollar managed to put in another good performance against the Euro, rising to 0.8047 in the process. Yet another good day was had against the Swiss franc also, as the dollar closed the day on 0.9666.
Friday July 6 2012
Yesterday we asked whether the dollar would be able to hold up the continued improvements it had made over the past few days. Indeed it would, as the week ended with a closing rate of 0.6435 against the British pound. Apart from the momentary blip at the beginning of the week it seemed as if the dollar had the Euro firmly under control, closing out on an impressive 0.8079 in the process. We were hoping the final day of the week would be equally as good against the Swiss franc and we were granted that wish – the dollar closed on 0.9704.