Posted November 12, 2013
You’d expect ups and downs as part of the ebb and flow of the currency markets. But it’s interesting to see how and why these ups and downs happen, and to notice they occur against quite different currencies at the same time too.
The US dollar began with a rate of 0.6266 against the British pound, and unfortunately it couldn’t capitalize on that today. Instead it slipped slightly to end the day on 0.6260. It could have been worse, but will it rise or fall further during the rest of the week? As far as the Canadian dollar was concerned, the US version started well on 1.0427. This experienced a drop as well though, falling to 1.0401 on Monday evening. Back over in Europe, the dollar also had a tussle with the Euro. Today it began on 0.7404 and ended on the same amount, only experiencing a marginal movement downwards a few decimal points along.
We got our answer today, as the dollar fell further against the British pound. It finished up on a disappointing 0.6227 as a result. The dollar did however perk up against the Canadian dollar, resulting in a better rate of 1.0429. After yesterday’s ‘blink and you miss it’ result against the Euro, today was better. The dollar rose to 0.7410 by the day’s end.
Another poor show from the US dollar today, as the British pound stood up to it yet again, resulting in a closing rate of 0.6216. There was another good day against the Canadian dollar though, as the US version climbed a little further to 1.0440. We felt good after the dollar’s performance against the Euro yesterday, but once again things went downhill today, falling to 0.7398 in the process.
Better news today at last for the dollar – it managed to edge up slightly to close on 0.6225 against the pound. After the good news we’d had throughout the week against the Canadian dollar, today came as a bit of a shock as the US dollar dropped back to close on 1.0430. We had the highest rate of the week so far against the Euro today, as the dollar woke up and closed on 0.7482 at the end of the day.
After yesterday’s slight improvement we thought perhaps the dollar would finish strongly for the week. But it was not to be the case. Instead it closed down once again on 0.6218 against the British pound. We had bad news against the Canadian dollar yesterday but fortunately the US dollar turned things around today to close up higher on 1.0454. Finally the dollar ended up falling behind a little with the Euro, as it slid back to finish the week on 0.7445. Not the best week all in all, and we have certainly seen worse, but it wasn’t too bad either when everything was taken into account.