Posted May 07, 2014
Sometimes the US dollar has a rougher time against some of the European currencies. This would be one of those times. The week would be punctuated with reasonable comebacks but there were not enough of them to provide the best range of results we could have wanted.
The US dollar started off on 0.5949 against the British pound, but this dropped on day one, sending it back down to 0.5936. It wasn’t the best start to the week, for sure. The dollar started on 0.7230 against the Euro but here too it lost ground, falling to 0.7214 as a result. Clearly this wasn’t going to be an easy week. This was proven with a drop from 0.8816 to 0.8787 against the Swiss franc as well. Were we in for a tough set of results throughout the week? Only time would tell.
After yesterday’s unsteady start the dollar did better today, rising to 0.5946 against the pound. Could this be the start of a fight back? There was a definite pattern developing as things were repeated against the Euro too, resulting in a rate of 0.7232 at the end of the day. Could we make it three out of three today with a good rate against the Swiss franc too? Indeed we could, as the dollar pushed back to close out the day on 0.8823. Perhaps this was a sign of the tide turning.
This was clearly going to be a rough week because the dollar lost its edge again today, dropping to 0.5942 as a result. It wasn’t much of a drop but it was still there. The same was borne out against the Euro, resulting in a closing rate of 0.7220 today. We saw it again with the Swiss franc as the dollar fell to 0.8808. Clearly the tide hadn’t turned in our favor just yet. Perhaps it wouldn’t do so at all.
Things stayed the same on the currency markets today, giving us a little breathing space to work with. Clearly we had something to think about today as there was no change in trading amounts, giving us yet one more day of trading tomorrow to work with.
Another drop was in store today, taking the dollar to the lowest rate this week against the British pound, which was 0.5925. Finally we ended up on the lowest rate against the Euro too, resulting in a disappointing closing rate of 0.7213 to think on. We saw more bad news against the Swiss franc too, as perhaps predictably the dollar dropped to 0.8793. It hadn’t been a great week for the US dollar, which makes us wonder whether this is part of a longer story of woes or whether it is just a blip in the scheme of things. We shall be watching closely to see if it can turn around some of these poor results next week.