A Look At Two European Currencies
When we think about Europe in terms of the exchange rates we tend to think of the Euro before anything else. But there are some other notable countries that have retained their own currency, and two of these are the Swiss franc and the Swedish krona. We’re going to take a look at these two this month, to see how they fared on the currency converter.
The Swiss franc was worth 6.7092 Swedish krona as the month of April came to a close, so that was the opening rate we were left with for May. There was an immediate drop on the first day of May to 6.7067, but things got worse for the Swiss franc the following day as it fell back further to 6.6943. Was this a sign of things to come in future days, as the Swiss franc struggled to maintain its footing?
If we thought things were going to pan out along those lines we were actually rather mistaken. Just one day later we were greeted with a closing exchange rate of 6.7308 – and one day after that on the 6th we ended up with a rate that was even higher, at 6.8723. If we thought the week had gained its highest rates we were proved wrong there too, as the week ended up closing on 6.9027.
The weekend gave us some time to consider the events of that first week between the Swiss franc and the Swedish krona. But as soon as Monday got underway on the currency markets the drama started up again. By the end of that first day the rate had dropped back to 6.7982. A recovery to 6.8508 the following day was stunted on Wednesday as it fell to 6.8113. This was not the lowest point of the week but it did end up closing on Friday night with a rate of 6.8291, so it wasn’t all bad.
The following week was somewhat choppy as both the Swiss franc and the Swedish krona were trying to gain the upper hand over the opposite currency. Each one was keen on gaining the advantage but by the end of the week the exchange rate stood at 6.8232. Even though the Swiss franc would have wanted to achieve more, at least it hadn’t fallen back to the likes of the 6.69 exchange rate we have already seen this month.
So how would the month finish? Which of these two currencies would gain the final advantage and how would it affect the results we had got so far during the preceding days and weeks?
The final full week was something of a hard fought battle, with small gains and losses made on both sides as the days went on. But with this said we also had a surprising final drop on the Friday night, with the Swiss franc falling back to 6.7737 as the markets closed.
With just one day left to trade on the 31st, the final rate for the month was 6.7624. So all in all, the Swiss franc had managed to add on 0.0532 over the whole of May.
SNB Manipulation