Posted June 10, 2013
If you were expecting a dramatic week ahead on the currency markets, you will not be disappointed. However, if you are supporting the US dollar you may not get the results you wanted.
As the week began, the US dollar opened on 0.6563 against the British pound, but this dropped to 0.6548 by the time Monday was over. Would things improve against the Euro though? Here the dollar started out at 0.7688 and fell just a small amount to 0.7687 on the first day of the week. There was slightly better news against the Swiss franc though, as the dollar rose from 0.9538 to 0.9575.
The US dollar didn’t get off to the best start yesterday, and now it was in a poorer position as it closed the day against the pound on 0.6536. There was a more significant drop against the Euro too, as the dollar fell from 0.7687 to 0.7638. Yesterday started well against the Swiss franc, but it did not continue in the same vein. Instead the dollar fell by a significant amount, dipping back to close out Tuesday’s trading on 0.9469.
There was a pattern developing against the British pound, and it wasn’t a good one for the US dollar. Today saw another fall and it took the dollar down to 0.6512. There was better news against the Euro though, as the dollar perked up and finished the day on 0.7652. At least the dollar managed to slow the fall against the Swiss franc, although there was still a minor dip to contend with, as the dollar ended the day on 0.9467.
Perhaps predictably, the dollar dropped again today against the pound, this time falling to 0.6472. There was more disappointment against the Euro as the dollar weakened to close the day on 0.7623. Indeed there was more of the same against the Swiss franc too, as the dollar slid further down to close out the day on 0.9419.
The week finally came to an end with another fall for the dollar against the pound. Today closed on a rate of 0.6420 for the US dollar, marking a significant drop since Monday morning. There was more bad news today as well against the Euro, as the dollar achieved its lowest rate of the week, dipping significantly to 0.7541. We’ve seen the dollar fall steadily during the week against the Swiss franc, and instead of saving the best for last it saved the worst instead. By the time trading was done for the week the dollar was in a far weaker position on 0.9255. Needless to say this was a disappointing week for the US dollar, revealing it was sitting in a weaker position than it had been at the start of the week. Let’s hope things improve as the new week begins.