Posted November 17, 2014
Welcome back to another weekly report on the condition of the US dollar in the currency markets versus a range of other currencies. Would this be a week to remember for the right or the wrong reasons?
As the week began the US dollar was on 0.6321 against the British pound, but it didn’t have the best of beginnings. Instead it dropped to 0.6288 today, so would this be the beginning of a bad week? The next question was how things would go against the euro. We began on 0.8069 before losing some ground and closing on 0.8008. Another European currency that is always worth looking at is the Swiss franc. The dollar opened on 0.9715 here before dropping back by the end of the first day, closing on 0.9633 as a result.
Yesterday’s question was answered today when the US dollar picked up against the pound, rising to 0.6307 in the process. We also had a much better day against the euro, as the dollar rose to 0.8048 by the day’s end. Tuesday was clearly going to be good for the US dollar across Europe because it also performed well against the Swiss franc. Here the exchange rate improved to 0.9678, a reasonable jump up from yesterday.
We had another small rise against the pound today, as the dollar edged forward to 0.6320. This was not the case against the euro though, which managed to get back at the dollar by pushing it back to 0.8021 by the close of trading. After the good news of yesterday we were back to disappointment for the dollar today against the Swiss franc. We ended up dropping back to 0.9643 today which made us wonder how the next couple days would pan out.
There was even better news as the week progressed towards its natural end this time. The dollar rose further today against the pound before closing on 0.6351. We weren’t quite sure which way things would go against the euro, but they ended up going in a positive direction as the dollar rose to 0.8028. The dollar managed to do well against the Swiss franc too, or at least a little better than yesterday. It finished the day on 0.9648 here.
We left the best rate until last this week as far as the dollar versus the pound was concerned. We finished up with a great rate of 0.6387 today. The best rate of the week against the euro was the one we started with, but we did at least recoup some of the losses again today by closing on 0.8041. We also had a better rate to close on against the Swiss franc – 0.9661. This rise wasn’t enough to give us the finish we wanted, but at least it let us recoup some of the losses we’d experienced earlier in the week.