Posted March 02, 2015
This week would prove to be hard work for the US dollar. But would this be the case with every currency it went up against or just one or two?
As the week got underway the US dollar started on 0.6503 against the British pound. It had gotten a slight increase by the close of play, rising to a modest 0.6507 in the process. As far as the euro was concerned there was no change on Monday from the opening rate of 0.8851, but how would the rest of the week progress? Over in Switzerland the dollar started the week on 0.9486 before rising slightly to close out day one on 0.9494. Did this bode well for the remaining four days or not?
Yesterday’s rise against the pound was wiped out today as the dollar fell back to 0.6483. Was this the start of a poor slew of results for the US dollar? We certainly didn’t get a good result against the euro today as the dollar dropped to 0.8827. We had a tiny drop against the Swiss franc that was only visible if you went into a couple more decimal points. Yesterday the dollar was on 0.949460 and today it was on 0.949417.
Another slide was seen against the pound today as the dollar slipped back to 0.6458. More of the same was in evidence against the euro as well. Here the dollar fell back to 0.8813, leaving us wondering whether we would end up with a selection of poor results this week. After the smallest drop yesterday to 0.949417 against the Swiss franc we had a tiny increase today instead. This took the dollar up to 0.949498. Would we be in such small figures every day this week?
The prospect of a poor result against the pound was repeated again today for the dollar as it dropped back further to 0.6451. Could it pull something back to finish the week on a better note? We managed to pull a little back against the euro today at least, rising to 0.8836 in the process. There was another tiny drop in the week of tiny movements against the Swiss franc, this time taking the dollar to 0.949457.
The dollar managed to claw back some losses today but not enough to finish stronger than it had started the week. As a result it closed on 0.6475 against the pound. We also had another good result to finish off what had looked like a bad week against the euro. By rising to 0.8896 today we actually finished up better off than we’d been on Monday morning, which was good news at least. We had a drop to finish the week against the Swiss franc though, and this time it wasn’t in such small amounts. Instead it saw the dollar drop back to 0.9462, which was disappointing to say the least.