Posted October 02, 2012
After last week’s performance by the US dollar as far as the European currencies were concerned, which way would things go this week? Would the dollar manage to get the better of the major European currencies or would things turn out very differently indeed?
When we last looked at the head to head between the US dollar and the British pound, the dollar was worth 0.6149 against the British currency. By the end of today it had improved slightly to 0.6169. When it came to the Euro the dollar started on 0.7699, and by the time the first day was over it had improved to 0.7742, so this was a positive start at least. The week opened with the dollar worth 0.9323 against the Swiss franc, but this also improved to 0.9364 by the end of day one.
After yesterday’s good start, today was a little disappointing as the dollar dropped back to 0.6159 against the pound. The same feeling was in evidence against the Euro too. Since it did so well yesterday you would be forgiven for thinking it would perform well today too, but in fact the dollar dropped back to 0.7732. The same was true against the Swiss franc as the dollar fell to 0.9350.
This week was proving to have its ups and downs as the dollar leaped up once again, this time landing on a healthier 0.6188. We felt cautious as far as the dollar versus the Euro was concerned, but there was no need to be, as the dollar perked up to 0.7785. We were looking for better news against the Swiss franc too and we got it, as the dollar improved to 0.9410.
We were used to the ups and downs against the pound by this point, so today’s drop to 0.6166 wasn't going to be a big surprise. It did make us wonder whether tomorrow’s closing rate for the week would be positive or disappointing though. Some of the gains from yesterday were lost against the Euro, as the dollar fell back to 0.7767 today. There was a loss against the Swiss franc too, resulting in a dollar worth 0.9386 by the end of the day.
So would we get a good or bad rate against the pound to finish the week? As it turned out the answer was better than we had hoped. The US dollar finished on 0.6172 for the week, which was better than Monday’s opening rate. It seemed as if the US dollar was destined to outdo the Euro this week too, as it closed on 0.7733. And finally the US dollar fell further against the Swiss franc, leaving it on 0.9357 to finish off the week.