Posted June 30, 2014
Some weeks invariably bring tougher challenges than others and it looked as though this might be one of those weeks for the dollar. Let’s take a closer look to see if this was in fact the case.
Here we go then with another week of exchange rate. We got started on 0.5869 against the British pound and we had a good start too, rising to 0.5879 by the end of today. We didn’t get so lucky against the Euro though, falling to 0.7355 from a starting rate of 0.7359. Over in Switzerland we had the Swiss franc to go up against too, and here we started on 0.8955 and ended the day slightly better off with a rate of 0.8948.
We had another good day against the pound today, this time rising a little further to 0.5885 by the time the markets closed. Could we expect this pattern to keep on going all week? We definitely replicated the pattern we’d started yesterday against the Euro with another drop today, this time to 0.7343. We fell against the Swiss franc as well after yesterday’s reasonable start, dipping back to 0.8938 in the process.
We got our wish today at least against the pound, as the dollar rose again to 0.5892. There was finally a rise in store against the Euro too, although it was definitely on the small side. The dollar ended up finishing the day on 0.7344 as a result. We reduced our losses against the Swiss franc, managing to stall things on 0.8937 instead of losing even more. But how would the rest of the week pan out?
Perhaps we should have expected losses eventually this week and today was the day they arrived. The dollar slipped back to 0.5873 against the pound to lose some of the gains it had made so far. We wanted another rise against the Euro today and we got what we wanted here, even if the rise was small and left us on 0.7349. Where would the final day of the week take us? We wanted a rise of some kind against the Swiss franc today and we did finally get one. It only took us marginally further on to 0.8940 though, although this was better than nothing.
Another drop occurred today for the dollar versus the pound, but at least it was a small one to close out the week. As a result we fell back to 0.5871. We also finished poorly against the Euro as we dropped back to 0.7342, closing on the lowest rate of the week. This position was also reserved for the dollar’s performance against the Swiss franc, where we finished up on 0.8929 by the time the markets closed today. All in all it hadn’t been a good week for the US dollar. Let’s hope for better next time we take a look at the markets.