Posted May 12, 2014
Some weeks seem like the currencies are wading through treacle to get to where they want to be. It certainly seemed the case for the US dollar this week, as it struggled to get any traction against the most important European currencies.
As the week got underway the dollar stood at 0.5925 against the British pound, but it soon improved on that and closed things out on 0.5931 for the day. Elsewhere the dollar started on 0.7213 against the Euro and dropped to 0.7207 by the close of trading. As far as another European currency was concerned, the dollar started the week on 0.8793 against the Swiss franc. However it didn’t get the start it wanted and by the end of the day it settled on 0.8774.
After the good start we got off to yesterday, we hoped for more today too. Unfortunately that wasn’t to be, as the dollar slid back to 0.5888. Was this a sign of worse things to come in the future? After the drop we saw against the Euro yesterday we had another drop today too, falling to 0.7171 in the process. A similar pattern was clearly in force against the Swiss franc too, as the dollar ended up falling to close on 0.8726.
We did a little better against the British pound today, as the dollar improved to 0.5892. The same also happened against the Euro, as the dollar edged up to 0.7180. Finally we started getting some good news against the Swiss franc as well, as the dollar went back up to close on 0.8749.
This was all about edging forward a little whenever the dollar got the chance, because the same happened today. The pound was pushed back again as the dollar went up to 0.5900. There was worse news elsewhere though as it dropped to 0.7166 against the Euro, so this was a week of ups and downs and no real pattern we could hang onto. The same was seen against the Swiss franc, where yesterday’s gains were wiped out as we dropped to 0.8727.
The US dollar was obviously determined to finish in style and it got that very wish today. It closed out the week on 0.5930 against the British pound. Finally we got a closing rate of 0.7256 against the Euro, which turned out to be the best result we could have hoped for this week. We got another great result too against the Swiss franc. Perhaps unbelievably we actually finished up on 0.8842 today, giving us the best result of the week and the first time we had gone above the 0.88 mark too. So it was a real mixed bag of results this time around, and an uncertain time watching the week unfold too. Maybe next week will be a little more settled, but somehow we doubt it.