Posted April 23, 2012
Things were getting back to normal this week so the US dollar had five days in which to stand up against the other major currencies. The question was how well it would perform in doing so. All the answers you need are in our comprehensive day by day report.
The US dollar had opened the week on 0.6273 against the British pound, a currency it had performed well against in recent times. Indeed it did well on day one of this new week, reaching 0.6316 in the process. It also had a good result against the Euro, rising 0.0073 on the day. The dollar also started the week a little under parity with its Canadian counterpart, resting on 0.9939 as a result. But it soon kicked into action and closed out Monday on 1.0003 – just about as close to parity as you could get. It also did well against the Swiss franc, rising from 0.9139 to 0.9232 in the process.
If we thought the US dollar was on a roll against the British pound, we thought wrong. The pound fought back today and pushed the dollar down to 0.6270 in the process. It also fell against the Euro, erasing the previous day’s good fortune and dropping almost back to where it had started on 0.7614. The same pattern was repeated against the Canadian dollar too where it dropped to 0.9961. It also suffered against the Swiss franc and fell back to 0.9151.
Another loss was on the cards for the dollar today – the pound capitalized on its show of strength yesterday by pushing the dollar down further to 0.6256. But it did marginally better against the Euro as it clawed back a little ground to close out the day on 0.7637. Another drop came against the Canadian dollar, but this time it was a bigger one, leaving the US dollar on 0.9903 as a result. But elsewhere it rose slightly against the Swiss franc, putting on 0.0038 in the process.
Even though the losses so far have been relatively small, they’ve still been stacking up for the US dollar. Today saw it fall a little further to 0.6244. But it also rose a little higher against the Euro, albeit only by 0.0004. Another marginal improvement came against the Canadian dollar too, but by a similarly small amount – 0.0009. Elsewhere there was a tiny loss of 0.0003 against the Swiss franc.
The dollar ended the week with a total 0.0029 loss against the British pound, so it could have been worse considering the power was largely with the pound. The total difference against the Euro was 0.0036, but this was an addition rather than a loss, so this was good news. The US dollar lost out on 0.0027 overall against the Canadian dollar too, so at least the loss was a small one. Indeed small changes here and there seemed to be the story of the week, as the US dollar put on nearly half a cent over the week as a whole against the Swiss franc. Perhaps next week will see some bigger – and more positive – changes overall.