Posted April 09, 2013
With just four days to play with this week, it was clear the US dollar had its work cut out for it. Let’s see whether the dollar could achieve some good results against other currencies, or whether it would finish up on a lower rate.
Today would be nonexistent as far as the currency markets were concerned, as it was Easter Monday. Following on from the long four day Easter weekend, the markets would be gearing up to return tomorrow morning.
So we begin the new week after Easter with the first day of trading in April. As the week began, the US dollar experienced a drop against the British pound, falling from 0.6603 to 0.6595 in the process. Meanwhile, the US dollar started on 0.7809 against the Euro, but it dropped here too, falling to 0.7788 by the end of the day. The week opened on 0.9523 against the Swiss franc, but again the news was disappointing to start off with. Here the dollar couldn’t muster anything better than 0.9469 by the time the day was over.
After yesterday’s drop against the British pound, could the dollar recoup those losses today? The answer was a resounding yes, as it sprang back up to 0.6613. There was better news against the Euro too, as the US dollar edged its way back to 0.7795. We managed to make it three out of three as well, because the Swiss franc had nothing to fight the dollar with today. Instead the dollar improved to 0.9484.
It soon became clear this would be an up and down week for the US dollar. Today was firmly in the downward direction, as it fell back to 0.6611. However, the state of the exchange rate against the Euro was healthier, as the dollar pushed up further to 0.7801. The fight between the US dollar and the Swiss franc got closer today, as there was little difference between today’s exchange rate and the one from yesterday. The dollar closed out the day on 0.9482.
Finally we saw a pronounced drop from the dollar against the British pound today. Yesterday’s rate of 0.6611 was eroded to 0.6559 by the end of the day, leaving the dollar on a lower rate than it had started this shorter week on. There was poor news against the Euro as well, as the dollar fell back to close on 0.7725. Finally we have the head to head against the Swiss franc, where the dollar came off worst in the end. It finished the day – and the week – on a disappointing 0.9392. As you can see, it was a mixed bag of results all in all. Perhaps we can hope for something better next week if we manage to improve the exchange rates the US dollar gets. At least we can have a full week to work with next time.