Posted June 25, 2012
How has the week progressed for the US dollar? Has it been a productive week or has the dollar struggled to make any noticeable headway against the other currencies?
Today the US dollar started on 0.6445 against the British pound. But the pound got the better of it and by the close of play the dollar had slid back to 0.6387. As far as the dollar versus the Euro was concerned, there was a slide here too – this time from the opening rate of 0.7939 to 0.7925. Let’s move across to see how the dollar would rate against the Swiss franc now, where the opening exchange rate was 0.9534. This dropped to 0.9518 by the end of the day.
After yesterday’s fall against the British pound we were hoping for better today. But we didn’t get it, although the losses slowed slightly and left the dollar clinging on to 0.6380 at the close of play. There was a similar pattern of slowed losses against the Euro as well, as the dollar fell to 0.7924. This was clearly the pattern that would be clearly seen throughout the day because it was seen against the Swiss franc too. Here the dollar lost 0.0002 over the course of trading today.
Another predictable loss was ready to catch the US dollar today as it fell further against the British pound. Today’s closing rate was 0.6344. We were hoping for better against the Euro but in fact we had worse, with 0.7871 the closing rate in store. You may have noticed that today’s losses were bigger against the pound and the Euro than they had been yesterday. Again we saw the same against the Swiss franc. This time the loss caused the currency to drop back to 0.9452.
Today started the big climb back by the US dollar. It managed to crawl up to 0.6368 by the time the day was over, making us wonder whether it could do better tomorrow as well to finish the week. There was a similarly positive rise against the Euro, as the dollar managed to push back and claim a closing rate of 0.7892. But would we see a rise against the Swiss franc, where we had lost a notable amount of ground yesterday? The answer was yes, as the dollar pushed back and got a closing rate of 0.9479 this time around.
We were hoping for better news against the British pound today and we got it too. We couldn’t quite get back to the level we had started at, but we did manage to finish on 0.6413 so that was good news at least. There was better news in store against the Euro however – here the dollar really did save the best for last as it soared to a closing amount of 0.7975. And we had something similar occur against the Swiss franc too. This time we actually managed to achieve the best rate of the week as the US dollar soared up to finish on a high of 0.9577. What more could you ask for?