Posted January 25, 2016
This would be an interesting week for the US dollar. Sometimes results are predictable, but there were definitely one or two surprises in store this time around. Here we have the highlights of the week for you.
As the week got underway, the US dollar started on 0.6977 against the British pound. This got slightly better on day one, rising to 0.7001. Did this bode well for the remainder of the week though? More good news came through against the euro as well, as the dollar started off rising from 0.9162 to 0.9181 today. The dollar also opened on 1.0033 against the Swiss franc, and did well here too – rising to 1.0049 by the close of play.
Another good day for the dollar today – at least it was against the British pound. It rose further to 0.7036 by the close of play. The good news kept on coming against the euro as well, seeing the dollar rise to 0.9201 in the process. It was a similar picture against the Swiss franc as well, as the dollar kept on rising today. It went from 1.004958 to 1.004969, so only a slight improvement but still good news.
The news just kept on getting better for the dollar as the week progressed. It had settled into a nice rhythm and today it closed out on 0.7059 against the British pound. Could it keep this up for another two days though? It couldn’t keep up its good performance against the euro though, as the dollar dropped back slightly to 0.9168 today. How did this bode for the remainder of the week? The picture stayed the same against the Swiss franc as well. The dollar slipped slightly today to finish trading on 1.0022 here.
Another slight increase came to the fore for the dollar versus the pound today. It rose to 0.7085, making four good days out of four so far. Back to good news against the euro today after yesterday’s drop, which took it back to 0.9180. What would happen tomorrow on the last day of the week? The pattern was clearly a strong one, as it was repeated against the Swiss franc as well. It closed on 1.0051 today.
Perhaps we knew things could change for the dollar this week, and they certainly did against the pound today. Not only did it experience its first drop of the week, it was a drop big enough to wipe out almost all the good news we’d had so far. This left the dollar on 0.6981 – just above its opening rate on Monday. Finally, the dollar had another good result against the euro as well, allowing it to achieve the best result of the week on 0.9252 today. The same result bore itself out against the Swiss franc, allowing the dollar to achieve the best result of the week on 1.0131 today.