Posted July 24, 2014
This was not going to be an easy week for the US dollar but we have definitely seen worse. Check out the results that we actually saw last week, to assess where it stands against the European currencies.
The US dollar stood at 0.5833 against the British pound today, but it had a pretty good first day as it rose to 0.5840 by the end of the day. Was this a good omen for the remainder of the week? Only time would tell. The dollar started on 0.7359 against the Euro and dipped slightly here, falling to 0.7357 as a result. As far as the Swiss franc was concerned, the dollar began the week on 0.8949 here and then dropped to 0.8942 today. Would this be the start of another hard week?
We had another good result against the pound today, if only a small one. The dollar edged up to 0.5841, adding on 0.0001 as it did so. It did better against the Euro today too, rising to 0.7358 in the process. Today was clearly a better day all round because the dollar rose slightly against the Swiss franc as well, closing things out on 0.8944.
Another improvement came for the dollar today, as it rose to 0.5848 against the British pound. After yesterday’s better effort against the Euro the dollar let the side down today by falling significantly to 0.7351. The same was true of the situation against the Swiss franc, where the US dollar fell back to 0.8937.
We wondered when things would turn in the opposite direction and today was the day it happened. The dollar experienced a drop today, falling to 0.5844 as a result. The pound was clearly starting to fight back. The dollar stalled the losses against the Euro and managed to stem them to 0.7350 in the process. As far as the Swiss franc was concerned, the dollar dropped again here by a fair bit, ending up on 0.8926 at the end of the day. Would we have another disappointment to finish the week with tomorrow, or could the US dollar manage a better result for the last day of the week?
Finally as the week came to an end there was another drop against the pound. The dollar finished up on 0.5841 but this was still better than the opening rate it had started with. It also managed to finish on a much better note as far as the Euro was concerned, rising to close the week on 0.7355. At least this stemmed the losses experienced over the rest of the week. We wanted a better result to close with against the Swiss franc though, and we did get it. It wasn’t wonderful but we did manage to finish on 0.8931 which was a pretty good result. It was better than we could have seen for sure.