Posted August 30, 2013
There would be no clear pattern in store for the fortunes of the US dollar this time around. Instead it would experience a mix of results against all kinds of different currencies, as you’ll see here.
As the week began the US dollar stood at 0.6396 against the British pound. By the time today was over it had dropped in value slightly to 0.6391. Over in Euroland the dollar was worth 0.7496 at the start of trading, and fell slightly to 0.7494 by the end of today. The situation against the Canadian dollar is always interesting as there is the issue of parity to be concerned with. As the week opened up the US dollar stood at 1.0323, well away from parity. It improved slightly throughout the day too, closing on 1.0331 as a result.
After yesterday’s drop against the pound we saw another one today. This time the dollar fell by another small amount to 0.6383. There was a bigger drop in store against the Euro as well, taking the dollar down to 0.7467 in the process. Things looked better for the dollar against its Canadian counterpart as well, as it experienced another increase to 1.0377.
This looked to be a week of steady drops for the US dollar against the pound, because there was another one in store today, taking it down to 0.6372 in the process. After two days of bad news against the Euro we finally had a good result today as the dollar improved slightly to close out on 0.7471. The good news kept on coming as far as its position against the Canadian dollar was concerned, as the US version rose to close out the day on 1.0434.
After the drops we’ve seen against the British pound so far, you’d be forgiven for thinking there was another one in store today. You’d be wrong though, as the dollar actually perked up to close on 0.6417. This was clearly a day for good news as the US dollar also did well against the Euro, rising to finish the day on 0.7505. The dollar wasn’t done improving against the Canadian dollar either, as it reached a new high of 1.0496 today. Could it improve one last time to finish the week on a high?
Would yesterday’s improvement against the pound carry on through today as well? The good news was that it would, as the dollar managed to close out the week on a better rate of 0.6432 – better than the original starting rate. The same couldn’t be said of its position against the Euro though, as it closed on 0.7487 to finish the week slightly worse off than it had started. The question we posed about the US dollar versus the Canadian dollar yesterday was answered in emphatic style today as the dollar closed out trading on 1.0568, leaving it much stronger than it had been on Monday morning.