US Dollar Dips Against Swiss Franc
The Swiss franc is one of the few remaining currencies in Europe that hasn’t been swallowed up by the Euro. As such this currency is usually well worth watching as it takes on all the other world currencies – and October was no exception to this.
Back at the close of the day on the first day of the month the US dollar was looking reasonably healthy on 1.0430. But things soon changed from that position as the week closed down slightly on 1.0392. The Swiss franc was putting in an early fight.
But this would turn out to be much more than just a minor improvement. It would be the start of something quite different – and as far as the US dollar was concerned this would not turn out to be a month worth remembering.
The lowest point in the following week was on the 6th, when the US dollar claimed just 1.0268 in Swiss francs. It rallied to 1.0310 the following day but it could not hang onto that kind of exchange rate on the currency converter for the remainder of the week. Instead it dropped down to 1.0296, giving the Americans something to think about over the weekend.
The following week showed if nothing else that the Swiss franc was the one firmly in the driving seat. Things steadily got worse for the US dollar as the week wore on, reaching a low of 1.0180 on the Thursday evening. With just one day left to go they must have been braced for another loss to close out the month – but luckily they managed to pull back to 1.0209 as they crawled into the weekend.
So by this time we had reached the middle of the month and there was every chance that things would continue to go the way of the Swiss franc. And indeed that was precisely what happened. The very next week was not a good one for the US dollar and it got progressively worse as the week wore on. It couldn’t seem to get past the franc at all, and after just one day back to trading it finished off on 1.0147. By the time the week drew to a close we were looking at an exchange rate of 1.0074.
What on earth could the US dollar do – if anything – to garner a better rate to close out the month with?
As it happened it did manage to pull things back slightly in its favour, with the final rate for the month of October settling on 1.0218. But this was still lower than the exchange rate it had started out the month with, pointing to a clear victory for the Swiss franc overall.
It will be interesting to see whether the Swiss franc can keep the upper hand throughout the days and weeks to come, or whether that was just a blip. But it certainly provided us with some interesting stats to evaluate during the month, and we’ll be keeping an eye on it in future as well.
