Posted January 11, 2016
Who knew what the first week of the New Year would hold for the US currency, especially when looking at its standing against the major European currencies? We’ve got the answers here.
The New Year started strongly for the US dollar – at least as far as the rate against the British pound was concerned. It went from 0.6741 today to 0.6772 at the day’s end. The news wasn’t as good against the euro though, as the dollar dropped from an opening rate of 0.9185 to 0.9176 today. At least the drop was only a small one. Our third European currency, the Swiss franc, also went up against the US dollar this week. Starting on 0.9952, the dollar had an encouraging first day. By the time trading was over on Monday, the dollar had reached 0.9993 – just short of parity.
More good news for the dollar against the pound today, as it edged up further to 0.6815. Could this continue for the remainder of the week, or was that too much to ask for? Better news came against the euro too, as the dollar jumped up after yesterday’s loss to achieve a closing rate of 0.9305 today. Yesterday, the dollar was almost at parity with the Swiss franc, and today it went over that point, reaching 1.0093 as a result. How much further could it go in that direction, though?
Another slight increase came the way of the dollar today. The pound couldn’t prevent it climbing further to reach 0.6836 by the end of the day. The currency also did well again where the euro was concerned. A rise to 0.9309 meant it was considerably better off than it had been earlier in the week. The only question now was whether this would continue. After an encouraging rise yesterday, the dollar edged up more slowly against the Swiss franc today, reaching a closing rate of 1.0096 in the process.
Yet another increase for the US dollar versus the British pound today – four for four so far this week. This took the dollar up to 0.6859. Could the dollar make it five for five, though? We’d soon have the answer. We might have expected another drop against the euro at some point this week, even after two good showings in the past couple days. Today was that day, as the dollar slipped back to 0.9201. A similar story played out against the Swiss franc too, as the dollar dropped to 1.0006 today. Would it drop below the one-for-one mark as the week came to an end tomorrow?
The US dollar managed yet another increase today, wiping out the pound for the entire week and climbing to a closing rate of 0.6861 in the process. The US currency repeated the same trick against the euro too, closing on 0.9207 today. This ended up being marginally better than the opening rate on Monday had been. Finally, the dollar fell in value against the Swiss franc too, leaving it on 0.9999 today.