Posted June 09, 2012
Some weeks are undoubtedly better than others for the US dollar. Luckily this week would indeed be a good one, and it would perform reasonably well against a range of other currencies. Here are some of the major changes the dollar experienced last week.
When the US dollar got started for the new week it was rated at 0.6378 against the British pound. There was little change over day one but the change that did take place saw the pound gain control, pushing the dollar back to 0.6367 in the process. The dollar opened on 0.7970 against the Euro, but lost some ground here as it fell back to 0.7957 by the close of play. The US dollar was also slightly above parity with its Canadian counterpart, starting the week on 1.0274 as a result. But today it dipped slightly to 1.0242.
The dollar fought back and recouped its losses against the British pound today, seeing it end on a stronger 0.6383 as a result. But would it be able to do the same thing against the Euro? Indeed it would, and it managed to climb back to 0.7985 in the process. There was a slight recovery in place against the Canadian dollar too, as the dollar improved to 1.0249. Today turned out to be a good one all round for the US dollar.
Yesterday the dollar had performed well against the British pound and it turned out to be the first step in a good performance. Today it improved still further to 0.6413 so there was clearly more room for improvement. After the initial promising results against the Euro today saw an even better leap forward. Here it managed to break through another barrier, pushing up to 0.8039 as a result. Small improvements were made elsewhere also, and the dollar climbed to 1.0278 against the Canadian dollar.
Another bout of good news for the dollar today as it reached new heights of 0.6449 against the pound. But could it take one step further the following day – the last day of the week? The dollar was also keen to take advantage of the Euro this week, and today saw it climb to another peak – 0.8062 in this case. More improvements came against the Canadian dollar as the currency pushed still higher to 1.0288.
Yesterday we asked the question of whether the dollar could continue its climb against the British pound and today we got the answer. It closed out the week on a much improved 0.6533. And finally the dollar also saved the best for last with the Euro, as it closed the week’s trading on an impressive 0.8115. This seemed to be the pattern that was inherent with many currency pairings this week, as the US dollar hit a high of 1.0383 against its Canadian opponent. This represented the best outcome it had seen against the Canadian currency all week. But would it continue in the same vein next week too?