Posted March 11, 2014
We are used to seeing all kinds of ups and downs on the currency markets. This week would be no exception, but the main question was whether the US dollar would end on a good note or a bad one.
As the week got underway the US dollar started on 0.5981 before dropping just a little to 0.5977. It wasn’t the best start but it could have been worse for sure. Over in mainland Europe the dollar started with a rate of 0.7239 against the Euro. It improved to 0.7263 on the first day of the week. The third European currency the US dollar went up against was the Swiss franc. It did well here too, rising from 0.8798 to 0.8809 as a result.
After yesterday’s hesitant beginning the US dollar perked up today and got back to 0.5989 against the pound. There was no movement on day two against the Euro, giving the dollar a little time to gather itself. Yesterday’s good result against the Swiss franc was repeated today as well, sending the dollar up to a more impressive 0.8840.
We were perhaps expecting another drop today and we got just that against the pound. The dollar slid back to 0.5983 by the close of play. Today we had some good news against the Euro though, as the dollar managed to achieve a closing rate of 0.7282. The one sure thing we were starting to rely on was the good performance the dollar was putting in against the Swiss franc. The dollar rose once more today, ending on 0.8874 as a result.
The changes were all small this week and we were in for another one today. The US dollar edged up once more to 0.5990 against the pound. We are getting used to the ups and downs now and we saw another disappointment today against the Euro, as the dollar fell to 0.7275. We should have expected a disappointment against the Swiss franc too eventually and today was the day it happened. We only saw a marginal slide though, sending the dollar to 0.8868 in the process.
So how would things end today? The US dollar didn’t end up finishing in a good way against the pound, as it dropped to its lowest rate of the entire week – a poor 0.5963. The same turned out to be true for the US dollar against the Euro as well, as it fell to 0.7197. It was only slightly lower than the opening rate on Monday, but it was still disappointing. After the whole week of good news (nearly) against the Swiss franc we hoped for better today but it was not to be. Here too the US dollar suffered, finishing the week on a dreadful rate of 0.8774. This wiped out all the good results it had achieved earlier in the week.