Can The Euro Take On The Swiss Franc And Succeed?
The opening rate for the month of April – left over from last month – was 1.4276 for the Euro. Just one day later the Swiss franc forced it to end the week on 1.4179, so the Euro had already lost out with just one day of trading under its belt.
By the time trading got underway again the following week it was a very different story. The Euro managed to achieve an exchange rate of 1.4325 by the time the day was over, and although there were a few dips and troughs here and there, the Euro hung on to a good result for the end of the week as well. The final figure here was 1.4364.
The following week saw the single currency edge closer towards claiming 1.44 Swiss francs too, as it netted a rate of 1.4393 on the 12th of the month. But that was as far as it could get for that week at least. By the time the week was over the Euro had settled onto a rate of 1.4338. This was still quite appreciable though, particularly given the problems the Euro has been having recently. Even a reasonable rate is better than a disastrous one.
The next week saw a small rise for the Euro as it claimed 1.4345 Swiss francs by Monday evening. But we know that small rises and falls are par for the course no matter which currencies you are looking at. Would we see just this kind of pattern for the rest of the month, or would there be more notable patterns to watch for?
Once again the remainder of that particular week – ending on the 23rd of April – only saw marginal increases and decreases between these two European currencies. We couldn’t see any major events going on or any real turns of fortune. We ended up on 1.4355 for the Euro by Friday night, leaving the Swiss franc well in the running.
First blood for the final week actually did go to the Swiss franc as well, as it pushed the Euro back to 1.4341. But the momentum went the opposite way the next day, as the rate changed to 1.4353. The last few days of April panned out like this the whole way, as the closing rate for the month turned out to be 1.4341. This meant the Euro had managed to add on a total of 0.0065 against the Swiss franc during the month as a whole.
This wasn’t a bad result and indeed it showed that while the Euro was having controversies and troubles – mainly related to the problems in Greece – it was still performing reasonably well.
