Posted April 03, 2013
Some weeks see the US dollar put in a good performance. However this doesn’t happen every week. Would this week be a good one or would the dollar struggle to achieve anything of note? Let’s find out now.
How would the US dollar square up to the British pound this week? The starting rate was 0.6602 and the dollar got first blood by finishing the day on 0.6622 instead. Could it do the same against the Euro? Yes it could, because it started on 0.7641 and closed out the day on 0.7734. The week opened with the dollar claiming 0.9405 against the Swiss franc. This rose to 0.9452 by the end of the day.
After yesterday’s positive start it soon became clear we wouldn’t get a similar picture today. Instead the pound got the better of the dollar and pushed it back to 0.6611. The dollar lost ground against the Euro too, as the European currency caused the dollar to go back down to 0.7725. It also lost ground against the Swiss franc after yesterday’s good start, as it fell back to 0.9439. All in all today was not a good day, regardless of how yesterday had started.
We saw the pound get the better of the dollar yesterday and it turned out it wasn’t done – by the time the day was over the dollar had slipped further to 0.6606. The rot was slowed against the Euro but it didn’t stop completely, as the dollar fell slightly to 0.7724. There was at least a little good news against the Swiss franc, as the dollar perked up ever so slightly to 0.9441. So this was not the best day either, making us ponder how the week would progress from the midway point.
The pattern of losing ground against the British pound seemed to be set by now, as the dollar slid back further to 0.6596. However there was a different picture emerging against the Euro, where today the dollar managed to buck up and finish on 0.7745. There was better news where the Swiss franc was concerned as well, because the dollar managed to close on a better rate of 0.9469 here.
As if we weren’t prepared for it, the dollar slid back again today to close out a disappointing week against the pound. Today it ended on a weaker 0.6586. After yesterday we hoped for better against the Euro, but instead it fell to 0.7723. The week did not seem destined to end well for the US dollar in any area, because it had a bad result against the Swiss franc too. Here it dropped to a week ending rate of 0.9431, although this was still higher than the opening rate it had started on. This at least was better news than we could have hoped for. It remains to be seen whether next week will bring better news overall.