Posted March 26, 2012
There was a mix of results this week for the US dollar. It managed some good midweek results against some currencies while it fell back considerably against others. Which currencies were doing better against the US dollar – and which ones weren’t?
The US dollar didn’t get off to the best start against the British pound, as it lost 0.0024 by the end of the day. But there was a marginal improvement against its Hong Kong counterpart, as it rose from 7.7628 to 7.7631 over the course of the day. An opening loss of 0.002 against the Euro didn’t bode well for the dollar though, so here at least we were hoping for a better result by the end of the week. Hopefully the same would be true for its performance against the Swiss franc, where it lost 0.0026 today.
If the dollar was looking for revenge against the British pound after being beaten back yesterday, it didn’t get the best result it could have done. However it did add on .0005 overall so it could have been worse. Elsewhere it managed to add on 0.0017 against the Hong Kong dollar so things were looking up in this part of the world at least. Over in Europe the Euro was clearly in control of the US dollar, as it pushed it back down to 0.7576 overall. It also lost a further 0.004 against the Swiss franc.
The slow creep forward against the pound continued today as the dollar moved up from 0.6305 to 0.6313. Elsewhere it slid ever so slightly against the Hong Kong dollar, although not by enough to worry about. Another fall was in store against the Euro too, as the dollar slipped to 0.7561. Where would this particular downhill slide end for the dollar? And where would it end against the Swiss franc, where more ground was lost today?
The best result of the week would have come better on Friday, but the dollar had to settle for a better rise against the pound today, amounting to a closing rate of 0.6328 on the currency converter. There was better news against the Hong Kong dollar though, as the US version climbed by 0.001 overnight. If we thought the dollar was losing ground against the Euro we’d have been right, but today was the day where this stopped – at least temporarily. From an opening rate of 0.7561 the dollar managed to push back up to 0.7594 by the end of the day. It also enjoyed a rise to 0.9155 against the Swiss currency today.
As things turned out the dollar would close out the week slightly lower against the British pound, falling to 0.6315 in the process. Another small improvement against the Hong Kong dollar left the US dollar on a week closing rate of 7.7661. We might have done better against the Euro on the penultimate day of the week, but it wasn’t going to continue for another day. Instead the dollar closed out a troubled week on 0.7551 against the Euro, so it wasn’t too good compared to the result it had seen the previous day. And finally the dollar lost ground again where the Swiss franc was concerned, sending it back down to 0.9102.