Posted March 05, 2014
There are several major currencies in Europe that sometimes cause headaches for the US dollar. Would they do so this week or would the US dollar manage to achieve something better instead?
The figure to start with today against the British pound was 0.5995. Hopefully the dollar would rise up from this point and it did, finishing on 0.6004 as a result. The opening rate against the Euro was 0.7295 but the dollar couldn’t rise here, instead falling to 0.7280. Over in Switzerland the US dollar was starting on 0.8896 but here too it couldn’t achieve a good result today. It dropped to 0.8888 instead.
After yesterday’s good news for the US dollar versus the British pound, things got markedly worse today. It dropped back beyond the starting point on Monday morning, falling to 0.5990 in the process. There was another bad day against the Euro too, as the US dollar dropped further to close on 0.7270. We were also in for another drop against the Swiss franc, giving us a closing rate of 0.8865 today.
Today there was better news for the dollar once more as it rose to 0.5993 against the pound. We were also due a good day against the Euro, rising to 0.7285 in the process. It wasn’t the best result of the week but at least we’d regained some losses. We even managed to make it three out of three as the dollar rose to 0.8886 against the Swiss franc. Could we make it another good day tomorrow though?
It seemed as if the dollar finally got a grip on the pound today, rising to 0.6007 as it did so. This was the best rate we’d seen all week. We also had some more good news against the Euro, rising to 0.7322 to achieve the best result so far. We posed a question yesterday about the odds of repeating the good day again today, and we managed it. We improved once more against the Swiss franc, rising to 0.8905 as a result. With just one more day left to go, perhaps we could make it a similar result tomorrow too.
Finally we were in for a disappointment when closing against the British pound. The dollar dropped to 0.5981 today, giving us a poor ending. We might have guessed we’d see something similar against the Euro too, and we did – the lowest rate of the week was produced as the US dollar fell back to 0.7239. Unfortunately, after the peaks of yesterday and the day before, we were disappointed against the Swiss franc as well – and in a big way too. From the starting rate of 0.8905 today we fell to 0.8798 by the end of today. It was a poor end to the week from the US dollar and we could only hope for better to start a new week next time.