Posted April 05, 2016
As the first of two shortened weeks appeared on the horizon, marking out Easter in our calendars, it became more interesting to see whether the US dollar was in a position to end this short week in good condition.
The US dollar started well this week, as it rose from 0.6902 against the British pound to close out day one on 0.6947. Could it keep this up throughout the remainder of this shortened, Easter week? Elsewhere in Europe, the dollar was worth 0.8866 at the beginning of the week against the euro. It did well here, too, to begin with, rising to 0.8872 by the close of play today. It seemed as though nothing would get in the way of the US dollar doing well this week, as it achieved yet another good result against the Swiss franc too. Here, it finished on 0.9685, climbing slightly from the opening rate of 0.9680.
More good news came forward today, as the dollar built on yesterday’s performance and rose to 0.7027 against the British pound. Was this looking like a strong performance? It certainly seemed to be. More of the same was in evidence against the euro today, as the dollar pushed on ahead to close on 0.8919. On day two against the Swiss franc, the dollar managed to get ahead a little further to 0.9710. Where would the next two days take it?
Day three brought more good news for the US dollar, as it rose further against the pound, achieving a rate of 0.7070 in the process. We were hoping for another good performance against the euro as well, and we got that too today. The dollar managed to close on 0.8951, which was the second-best daily improvement we had seen this week. It seemed hard to find a bad result anywhere, and we were left without one today as well – which was good news, of course. The dollar closed on 0.9752 today.
Today was the final day of trading this week, which meant the dollar was looking to finish on a good note. It did, too, against the pound at least – creeping up a little further to close on 0.7077. It may have been the last day for trading this week, but the dollar wasted no time in getting another good result against the euro either. The closing exchange rate was an impressive 0.8965. We have found it difficult to isolate any sort of bad result anywhere this week, but we did have one today against the Swiss franc. It was relatively small though, taking the dollar from yesterday’s closing rate of 0.9752 to 0.9749.
No trading took place today as it was Good Friday, and the beginning of a long weekend for Easter. This also leads into a short week next week, which means we will have yet another four-day week to report on soon.