Posted January 22, 2013
Some weeks are inevitably more dramatic than others on the world currency markets. Where the US dollar was concerned this week, this was definitely the case.
The dollar started on a rate of 0.6201 against the British pound this week, and wasted no time in making its presence and power known. It finished the day on 0.6230. The dollar began the week on 0.7533 against the Euro, but fell back in this case to 0.7495. There was another good result to be had against the Swiss franc though, as the dollar climbed from 0.9158 here to a slightly better 0.9176 by the end of the day.
After yesterday’s good performance the dollar slipped marginally today, dropping back to 0.6229 in the process. It was the opposite against the Euro, as the dollar managed to creep up to 0.7503 instead. This was merely the beginning though, because there was a better result elsewhere too. The US dollar had ended on 0.9176 at the end of yesterday against the Swiss franc, and by the time another 24 hours had passed, the dollar had risen to 0.9272 instead. This represented a climb of 0.0096 overall in that short period of time.
We may have had a disappointment yesterday as the dollar lost ground against the British pound, but no such result was going to happen today. Instead the dollar perked up and closed out the day on 0.6252. Another improvement was made against the Euro as well, as this time the dollar rose a little higher to 0.7531. Would the dollar rise against the Swiss franc once more though? In truth it did not manage to have the same spectacular rise we’d seen yesterday, but it did manage to add on a little more to enable the dollar to finish on 0.9308.
It was clearly going to be an up and down week, because the dollar was back down against the pound today – this time dropping to 0.6239. A similar picture was about to be played out against the Euro too, because here the dollar slid back to a disappointing 0.7480 to close out the day. The path of the dollar against the Swiss franc got better though as the American currency added on a little more value, rising to a day ending rate of 0.9315.
There was good news to finish on for the US dollar, because it rose to 0.6283 as a closing rate against the British pound. Elsewhere there was a sigh of relief as the dollar made a last minute strike against the Euro, rising to 0.7505 in the process. But would there be another rise against the Swiss franc to close out what had been a good week against this particular currency? Indeed there would, and by the end of the day the dollar had risen to 0.9341 – significantly better than the 0.9158 it had started on at the beginning of the week.