Posted November 19, 2012
Some weeks have quite interesting and challenging days to explore. This was certainly true this week, when the US dollar took on a number of currencies in the hope of coming out on top. Would it work this week?
So as the week gets underway we begin with a US dollar worth 0.6280 against the Euro. This improves today and the dollar closes on 0.6297 – a good start to the week. The US dollar started on 1.0028 against its Canadian counterpart, but it dropped below par to 0.9992 on day one. The starting rate against the British pound was 0.6280 and here it had a good day – the dollar rose to 0.6297 by the time the day was done.
After yesterday’s good start, the rate of increase slowed today for the US dollar, ending in a closing rate of 0.6298 against the Euro. The dollar improved against the loonie today, hitting 1.0010 by the end of the day. After yesterday’s good day against the pound there was more good news today, albeit of a more casual variety – the dollar had inched up to 0.6298.
We wanted more improvements today and we got them, as the dollar went up to 0.6306 against the Euro – another good result. There was also a marginal increase against the Canadian dollar, which saw the US dollar close on 1.0011 as a result. The dollar managed to break through the 0.63 barrier against the British pound today too, reaching the heady heights of 0.6306 in the process. Would this be an area the dollar could stay in as the week reached its halfway point? We would find out very soon.
If we could have a perfect week so far against the Euro, we had it up until today at least. The dollar closed on 0.6314, marking another improvement here. We got more good news against the Canadian dollar too, as the currency went up to 1.0020. We were watching closely to see if the dollar could remain in the 0.63 area as it took on the British pound once again, and the answer was a pleasant yes. It also managed to improve to 0.6314 so there was plenty to be glad for here.
The dollar had done well all week but today would be its downfall. It slipped back to 0.6296 to close out the week against the Euro, but at least it was still better than it was when it began the week. There was another drop against the Canadian dollar, as the US dollar fell to 1.0006 to finish the week. Finally could the US dollar keep up the good work against the pound as it closed out the week? Yesterday’s rate of 0.6314 actually dropped to 0.6296 today – a disappointment but it was still better than the opening rate had been, so it was a pretty good week all in all.