Posted January 07, 2014
The end of the year is nigh and Christmas week has finally arrived. This means we have just three days of trading to cover this week instead of the usual five. What will the US dollar and various other currencies make of this challenge compared to other longer trading weeks?
The week got underway with the US dollar standing at 0.6113 against the British pound. There was actually very little difference by the end of the day, and what difference there was could only be seen several decimal points down the line. It resulted in a slight improvement of 0.003% on the starting rate. The opening rate against the Euro meanwhile was 0.7323, and that soon dropped to 0.7298 as the Euro got the upper hand. The rate against the Swiss franc was 0.8980 at the start of the week but this too changed in favor of the opposing currency, with the US dollar coming out in the worst position. As a result the dollar fell back to claim a closing rate of 0.8945.
Today saw the final day of trading before the Christmas break, making Christmas Eve exciting for some, not just because the big day was looming. There was a clear difference over the British pound today but it didn’t go in favor of the dollar – instead the dollar dropped to close on 0.6109. Yesterday’s disappointing news against the Euro was erased today though, as the US dollar got the better of it at last. It resulted in a closing rate of 0.7307. There was very little difference against the Swiss franc today though, which the US dollar would probably be grateful for. It increased just slightly to finish off Christmas Eve on 0.8946, leaving us wondering where Friday’s trading would take us.
Christmas Day was celebrated around the world today, and the currency markets were closed as a result.
There was no trading, as is customary, on Boxing Day, as everyone recovered from yesterday’s festivities.
There was disappointing news to round off the shorter week against the British pound, as the dollar fell back to close things out on 0.6056. Elsewhere the news was no better either – at least not as far as the dollar versus the Euro was concerned. The dollar closed things out here on a lower rate of 0.7239. We were hoping for better news to finish things off against the Swiss franc but this would not be the case. Instead the dollar slid back to a disappointing 0.8856. At least the loss was relatively small, and it had been a challenging week all in all. Perhaps the New Year week will bring better results overall for the US dollar. We shall be here with the relevant results when we have them, so you can see whether the US currency will get 2014 started in style (or not).