Posted June 12, 2012
Some weeks present us with a distinct pattern of good days and bad days against a wide range of other currencies. This was exactly the kind of week the US dollar would have this time around, as you’ll soon see.
The dollar opened on 0.6533 against the British pound but slipped on day one and closed on 0.6500 as a result. Not the best start but we could hope for better as this was only day one, after all. The dollar had a starting rate of 0.8115 against the Euro but fell back here too, going down to 0.8040 as a result. Let’s see how the dollar did against the Swiss franc too, where the opening rate was 0.9745. There was bad news today as the dollar fell to 0.9655.
If day one brought a drop against the British pound, what could the dollar achieve today? It did at least pick up a little and close on 0.6517 so there was some good news in store there. The same pattern could be seen against the Euro, as the dollar pushed up to 0.8045. Again the dollar pushed ahead against the Swiss franc, closing on 0.9662 as a result.
After yesterday’s reasonable performance against the British pound, perhaps today would see the US dollar speed up and gain still more against the pound. In fact this is exactly what happened, pushing the dollar up to 0.6458 as a result. But the same could not be said of the dollar’s performance against the Euro, where the dollar dropped to a disappointing 0.8009. In addition the dollar fell against the Swiss franc, closing the day’s trading on 0.9617.
After a couple of day’s worth of good results the dollar disappointed us today and fell back to 0.6420. There were clearly factors at play that made it hard for the dollar to do any real damage as far as other currencies were concerned, as it dropped to 0.7939 against the Euro too. This was the first time this week it had gone below the 0.80 mark against the single European currency. There was bad news against the Swiss franc too as the dollar hit 0.9536 at the end of the day.
We wanted some good results to close out the week and we got one as far as the head to head with the British pound was concerned. Here we finished with a flourish on 0.6480 although this still gave us a weaker dollar than we’d started with. We wanted a better result than yesterday’s low point against the Euro as well, and here we got lucky too. The dollar closed on 0.8020, although this was still down on the opening rate of the week. There was a similar story against the Swiss franc, where the dollar finished on 0.9634 – better than yesterday but not as good as the start of the week. So not the best performance all round and definitely not the finish we would have desired.