Posted November 06, 2013
Some weeks are invariably more challenging than others when different currencies vie to get the better of each other on the currency markets. If you want to find out what happened between some of the biggest currencies on the markets last week, keep reading.
As the week began the US dollar had a rate of 0.6183 against the British pound. This improved to 0.6191 by the time the day was over. It was certainly a reasonable start – but could we improve on it? The dollar opened on 0.7258 against the pound and then dropped back slightly to 0.7254, so this wasn’t as good. Elsewhere the dollar also dropped against the Swiss franc, starting on 0.8962 and closing the day on 0.8954. A mixed bag of results gave us our first day on the markets this week.
Yesterday’s question was answered regarding the dollar versus the pound when the former improved to 0.6222 by the close of play. After yesterday’s fall against the Euro the dollar bounced back today, climbing to 0.7263. There was a similar good result against the Swiss franc, as the dollar eclipsed the losses of yesterday to achieve 0.8975 instead. Overall a better day for the dollar, but it remains to be seen whether it can keep it up.
There was very little change today against the pound – we had to go down a few decimal points to see anything. Yesterday’s rate of 0.622240 improved marginally to 0.622246 today. There was more good news in store against the Euro too, as the dollar rose to a finishing rate of 0.7270. A marginal victory was achieved against the Swiss franc, with an additional 0.0001 added onto the exchange rate.
There was another good performance today for the dollar versus the pound, as it rose once more to 0.6232. If we thought it was too much to ask for to get a similar result against the Euro, we were wrong. By the day’s end the dollar had achieved a rate of 0.7330 here. Yesterday’s tiny increase against the Swiss franc was pushed higher today as the dollar closed things out on 0.9041.
Finally we had the best finish for the US dollar as it edged up once more to 0.6266 against the British pound. And we also managed to achieve another healthy rate as the dollar hit 0.7404 to close against the Euro. The week was definitely going largely in the way of the dollar because we had another good result against the Swiss franc to finish things off with. It had been an up and down week but most of the battles had been won by the US dollar, and that was something to celebrate at least. We’ve certainly seen much worse weeks for the dollar, so we can take away some good results this time around.