Posted October 28, 2013
This would be a week of mixed fortunes for the US dollar. Small raises here, small losses there – but which way would things swing to close out the week, and would it result in a good finish or a bad one?
The week started with the US dollar holding a rate of 0.6176 against the British pound. This was set to improve as the dollar rose to 0.6193 by the day’s end. The dollar started on 0.7307 against the Euro and did well here too, rising a little to 0.7316. The third European currency to go up against the US dollar was the Swiss franc. Here the dollar started on 0.9020 and managed to edge up to 0.9037 by the day’s end.
After yesterday’s great start the dollar edged up against the pound once more today, rising to 0.6198 in the process. There was no such luck against the Euro though, as the dollar fell back to 0.7313. Yesterday’s encouraging performance against the Swiss franc could not be repeated today though, as the dollar fell slightly to close things out on 0.9035.
All good things come to an end eventually, and the dollar couldn’t rise against the pound any more today. As a result it dropped back a little to 0.6192. Another fall was in store against the Euro too, as the dollar struggled to perform well. It fell to close on 0.7271. If we thought yesterday was a disappointment against the Swiss franc, things would get worse today. The dollar sank to a low so far of 0.8949.
Another fall was in store today as well, driving the dollar down to 0.6183 against the British pound. Would this be repeated tomorrow – and would the dollar end up lower than when it had started the week? A similar question was asked of its performance against the Euro, as it dropped back to 0.7243 today. Another disappointment was in store against the Swiss franc as well, as the dollar dropped further to 0.8911. Would tomorrow give the US dollar a chance to improve on things before the weekend, or was there more bad news in store?
There was very little change against the pound today. The dollar dropped by less than one per cent against the British pound, falling to 0.61834 as opposed to yesterday’s rate of 0.61839. At least there was a little good news against the Euro, as the US dollar rose ever so slightly to finish on 0.7258. Finally we had a little good news against the Swiss franc as the dollar picked up and finished on 0.8962. It was still some way off its opening rate on Monday morning though, so there was still little to celebrate here. Maybe next week will produce a better all round performance by the US dollar – we’ll be back to find out.