Posted November 18, 2013
Some weeks are certainly more dramatic than others when it comes to the currency markets. This week didn’t look like it was going to be one of them, but where would that leave the US dollar?
As the week got underway the US dollar stood at 0.6218 against the British pound. It improved during the day as well, rising to close on 0.6257 as a result. The dollar started on 0.7445 against the Euro before improving to 0.7466 by the day’s end. It was another good day as far as the dollar was concerned when it stood up against the Swiss franc and rose from 0.9159 to 0.9204.
After yesterday’s healthy start the dollar edged up a little further today. This meant it managed to close on 0.6288, leading us to hope we might get more of the same tomorrow. The same couldn’t be said of the dollar versus the Euro though, where it ended up falling to 0.7444. Another fall was in store against the Swiss franc as well, as the dollar fell back to 0.9178.
After two days of rises perhaps it was to be expected for the US dollar to fall back eventually – and today was the day it did it. As a result it fell back to 0.6260. We did see an improvement against the Euro however, as the dollar rose to 0.7454. The improvement was there against the Swiss franc too, although what there was turned out to be very slight. The currency rose to 0.9180.
Another drop was on the way today as the dollar gave up the good results it had experienced at the start of the week. But which way would things go tomorrow to close things out? We’ve had an up and down time against the Euro so far this week, and today turned out to be another down, with the closing rate stalling on 0.7442. Yesterday’s marginal improvement against the Swiss franc was wiped out again today as the dollar fell to 0.9178 again. Where would it be as the week finally came to an end? Would the dollar manage to get in some good results at the last minute or would this be a fairly forgettable week?
It has been an interesting week for the dollar against the pound, but today it would be the pound that performed the better of the two currencies. The US dollar fell again to close out the week on 0.6223 – just a fraction up on its opening rate. Finally we had another drop against the Euro, as the US dollar fell back to 0.7429. And once again the story was fairly predictable against the Swiss franc as well, as the dollar slid to close on 0.9172. There were few good results to celebrate this week, and in fact the ones we did see were rather understated. Perhaps we will see better results next week instead.