Posted July 24, 2014
The US dollar would have to be ready for all manner of challenges on the currency markets this week. This was particularly true against the likes of several European currencies.
Let’s begin the week with a look at how the US dollar stood up to the British pound – or not, as the case turned out. We began the day on 0.5871 and ended it slightly lower on 0.5868. Next up we have the fight against the Euro, where the dollar started on 0.7342 and ended the day in a lower position at 0.7321. Over against the Swiss franc the dollar started things off on 0.8929 and dropped promptly to close day one on 0.8900.
Yesterday’s drop against the pound was accompanied by another one today – this time seeing the dollar fall to 0.5830. We saw another drop against the Euro too, as the dollar slid further to 0.7305. Yesterday was pretty poor all round but today had its fair share of disappointing results too. The Swiss franc dominated the dollar to push it back to 0.8867 today.
We stalled the rot a little today against the pound but not by much – the dollar finished on 0.5827 at the close of play. Would the rest of the week be the same as this? We did see some good news against the Euro though, because the dollar put on a little here and closed play on 0.7322. The same was played out against the Swiss franc, where the dollar pushed back and closed the day on 0.8887 as a result.
Well we did manage to improve against the pound today, finishing on 0.5836 as a result, but that was as good as it got. We also saw another little nudge forward against the Euro, rising just a little to 0.7328. Again the same was true against the Swiss franc, although only marginally. Here we improved to 0.8901. Today was, all told, a better day than we’d seen so far this week but could we hang onto those good results for one more day?
Finally the dollar had yet another loss to contend with today, as the pound pushed it back to 0.5833 to close things out. We had saved the best for last against the Euro though. After a few dire days the dollar managed to finish on 0.7359 today – the highest rate of the week. Our last stop is with the Swiss franc and again the dollar managed to improve enough to provide the best rate of the entire week against this currency, closing on 0.8949 as a result. This was definitely a case of leaving the best until last, saving a potential disaster in many areas as a result. It only remains to be seen whether or not we could have a similarly good finish next week, and we’ll have the results to share very soon.