Posted March 04, 2014
This week would present little challenge for the US dollar, as you will see when you read our latest report on the currency movements we saw last time around.
The first day this week saw the US dollar at 0.6057 against the British pound. This dropped a little by the day’s end and took us to 0.6040 as a result. Was this the start of a week long slide? We had some good news to begin with against the Euro though, rising from 0.7306 to 0.7321 over the course of the day. The dollar began with a rate of 0.8954 against the Swiss franc but it managed to get the better of this currency too, rising to close on 0.8981 today.
The question we asked yesterday seemed to be answered in the affirmative today at least. The dollar dropped further to 0.6028 against the pound, bringing more bad news with it. Another rise was in store against the Euro though, taking the dollar to 0.7326 as a result. The good news kept on coming as the dollar closed up higher against the Swiss franc as well, rising to 0.8995 in the process.
There was finally some good news for the dollar today as it managed to buck the trend and improve to 0.6041 against the British pound as a result. We had another good day against the Euro too, as the dollar moved up further to 0.7348. How long would this last? The dollar broke through the 0.90 barrier against the Swiss franc, finishing on 0.9005 and making us wonder how much further it could go.
The dollar increased the pressure against the British pound today, rising to 0.6068 by the end of the day. Could it put in another good day tomorrow as well? It certainly had another great day against the Euro, because the dollar finished on an impressive 0.7367 by the day’s end. Another improvement came against the franc as the Swiss currency had no answer for the dollar’s onward journey, taking it to 0.9012 today.
It was a good day to end on for the US dollar, at least as far as the British pound went. The dollar edged up further to close on a better rate of 0.6076 for the week. It turned out to be five out of five good days against the European single currency because today the US dollar finished on 0.7398, almost a cent higher than it had started the week on. Finally there was another improvement against the Swiss franc as the dollar finished on 0.9041. All in all it had been a great week for the American currency, but would it be able to replicate this in a week’s time? We shall be watching closely to see if the dollar will be on the back foot next week, or whether it can continue in this vein.