Posted September 16, 2013
Some weeks are infinitely more challenging than others. Would this be one of those weeks, or would the fight against some currencies be harder than the fight against others? We have the answers.
The US dollar had a rate of 0.6419 as the week started against the British pound, but that didn’t last long. Instead it sank to 0.6376 by the time the day was over. As far as the Euro was concerned, the dollar began on 0.7623 and once again dropped, falling to 0.7579 by the day’s end. The US dollar opened on 0.9439 against the Swiss franc but it fell here too, finishing the day on 0.9360. This was not the best start to the week; the question now was whether it would improve or get worse from here on in.
We didn’t do too well against the British pound yesterday, and unfortunately the story continued today, although we did manage to slow down the rate of loss. This left us on 0.6373. Another drop was in store against the Euro, as the dollar fell to close out the day on 0.7552. Was this going to be a predictable week of loss after loss? We even experienced a tiny loss against the Swiss franc today, as it went from 0.9360 to 0.9359.
We had another loss against the British pound today as the dollar weakened further to close on 0.6341. Once again there was a similar pattern against the Euro, as the dollar fell further and finished the day on a disappointing 0.7536. After yesterday’s small loss against the Swiss franc things picked up again today with a bigger loss, this time sending the dollar down to 0.9342. Was there anything we could do to try and stem this tide of losses?
There seemed to be nothing the US dollar could do to prevent the steady stream of losses against the British pound this week. Today bore this out with another slip down to 0.6328. Where would the week end? We could ask a similar question against the Euro, as the dollar fell further here as well, stalling on 0.7524 at the end of the day. We also had more bad news against the Swiss franc as the dollar fell to close on 0.9306.
The question we posed yesterday was answered with a rate of 0.6317 today, as the dollar stalled on this amount to close out the week against the pound. The losses were getting smaller against the Euro but they were still in force, as the US dollar finished on a lower rate of 0.7521 today. If we were grabbing at any small piece of good news we could find, we found a piece today. The dollar finally edged up ever so slightly against the Swiss franc – although it only managed to reach a ‘high’ of 0.9308 in the process.