Posted November 14, 2012
Some weeks there is a clear winner on the currency markets, but this would not be one of them. Let’s see how well – or not – the US dollar did against a range of European currencies last week.
The week began with the US dollar worth 0.6238 against the British pound, and it made a good start by pushing up to close the first day on 0.6260. Ideally a similar result against the Euro would be good, and it managed to do just that – pushing up from 0.7782 to 0.7826 in the process. The US currency began the week on 0.9395 against the Swiss franc, and it put in a good early performance to end on 0.9441 on the first day.
The dollar couldn’t quite keep up the good work against the British pound, and it ended up closing on 0.6257 today as a result. It was a similar story for the situation against the Euro too, where the dollar fell back a little to 0.7812 by the close of play. At least it didn’t wipe out all of Monday’s gains though. There was a similar story played out against the Swiss franc, where the dollar dipped to 0.9433.
This looked like it was going to be an up and down week, because today the dollar wiped out yesterday’s loss against the pound and finished on 0.6263 instead. There was better news against the Euro too, as the dollar made good gains to close on 0.7845 at the end of the day. Again we saw a similar story against the Swiss franc, where the dollar managed to climb back up to 0.9465 for a better day ending result.
Yet another drop was in store in this week’s seesaw performance against the British pound. Today it was on the downward slide as it closed on 0.6254. But did this mean tomorrow would end on a good note? It bucked the trend against the Euro though, not losing any ground at all. Instead it managed to improve a little to 0.7851 so there was some good news there. The good news slowed a little against the Swiss currency today, although the dollar still came out ahead on 0.9467.
We were hoping for a better performance today from the US dollar against the pound – and we got it. It wasn’t earth shattering but the dollar did manage to end on 0.6280 at the close of play. The dollar also put in a good final performance against the Euro, rising to 0.7877 in the process. And to close the week the dollar also managed a final sprint against the Swiss franc, ending on a rate of 0.9495 in the process. So it was a reasonably good performance all round this week, although the dollar struggled more against some currencies than others.