Posted March 04, 2014
Not just for the US dollar, either. There were some surprises popping up elsewhere in the currency markets too. We’ve picked some of the highlights in exchanges between the US dollar and some of the other major currencies today. Which ones will surprise you?
At the start of the week the US dollar was on 0.6082 against the British pound. There was a slight increase today as it closed things out on 0.6090. It was only a small difference perhaps but something to build on. There was a similar story over with the Euro, as the dollar climbed from a starting rate of 0.7361 to finish on 0.7371. It wasn’t all good news to start the week though, because the US dollar fell back against the Canadian dollar, going from 1.0968 to 1.0937 in the process.
After yesterday’s small improvement we had another one today as the dollar edged up to 0.6091 against the pound. There was more good news to a bigger degree against the Euro, as the dollar shot up to 0.7393. The situation was better against the Canadian dollar too, because the US version climbed back to reach 1.0998 by the end of the day. Would it climb higher by the end of the week?
Two days of small improvements were all we’d get so far. Today saw a drop instead as the dollar fell back to 0.6037 against the pound. Perhaps predictably we saw the same thing happen against the Euro, as the dollar dropped to 0.7371. And once again there was bad news against the Canadian dollar, as the US dollar fell to 1.0965 after yesterday’s more encouraging performance.
Disappointingly the dollar didn’t pick up against the pound today either. Instead it fell further to 0.6025. Was this how things were going to end? There was more bad news against the Euro, taking the dollar down to 0.7331. After a mixed week so far against the Canadian dollar, the US currency had a great day today. It rose to finish trading on an impressive 1.1143.
It was quite clear the dollar wouldn’t get back to where it had started the week against the pound, but it did manage to recover some lost ground. It closed the day on 0.6057, a quarter of a cent lower than its starting point on Monday. We were hoping for a recovery against the Euro as well but it didn’t happen. Instead the US dollar closed even lower on a disappointing 0.7306. We didn’t expect the US dollar to keep all the gains it made yesterday, but luckily it didn’t get rid of all of them. Instead it stayed steady on 1.1062. It was a reasonable recovery by the US dollar today but it remains to be seen whether it will be sustained over the course of another week – or indeed beyond.