Posted November 06, 2012
The US dollar is positioned to have an interesting week ahead of it. With the election looming, will it have any effect on the US currency? How will it stand against the currencies from Europe? Will they have enough to battle against it or not?
So let’s start the week by focusing on the US dollar and its standing against the Euro. It began the day on 0.7747 and ended it slightly ahead on 0.7753, so let’s see how the dollar progresses from here on in. Against the British pound the dollar began the week on 0.6207 and climbed marginally to close on 0.6237. The dollar started on 0.9366 against the Swiss franc and had an equally cautious first day, finishing on 0.9371 as a result.
After yesterday’s slight increase against the Euro we were hoping for more of the same today. Unfortunately the dollar slid a little and ended up closing on 0.7714 instead. We saw the same pattern against the British pound too, as the dollar finished the day on 0.6219. So it came as no surprise to learn the dollar fell back to 0.9323 against the Swiss franc today as well.
After yesterday’s drop we might have expected more of the same today, and unfortunately that’s exactly what happened. By the time the day was over the Euro had pushed the dollar back to 0.7696. Another drop was in store against the British pound as well, as the dollar fell to 0.6206. The same theme was in place across a number of currencies, and the dollar ended up slipping back to 0.9294 against the Swiss franc. This wasn’t shaping up to be a good week for the dollar.
There was better news in store today as the dollar managed to climb back up to 0.7707 by the time the day was done. But would this be enough to finish the week on a better note tomorrow? The same story couldn’t be said of the dollar versus the pound though, as the pound pushed it back further to 0.6189. There was better news for the tie between the dollar and the Swiss franc though, as the dollar got the better of the currency and ended the day on 0.9304 as a result.
Today was the day to have a better result for the dollar, and fortunately it happened. By the time the day was over the dollar finished on 0.7782. There was better news against the pound too, as the dollar regained all its losses and added a bit more on top for good measure, closing the day and the week on 0.6238. Finally we also had better news against the Swiss franc, as the dollar closed out the week on 0.9395 against that currency. All in all, after a tough time initially, the currency had ended the week with better exchange rates all round.