Posted January 05, 2016
This would be a four-day week leading us up to Christmas Day. The real question would be whether the US dollar would do well during those four days.
As the week got underway, the US dollar was worth 0.6705 against the British pound. It got off to a decent start though, reaching 0.6714 by Monday night. It was a modest rise, but could it lead to further rises too? There was no such result against the euro though, as the dollar fell from 0.9228 today to 0.9199. Would this be the start of a series of losses for the dollar against the euro this week? A small rise from 0.9937 to 0.9939 was seen for the dollar versus the Swiss franc today, getting it off to a reasonable start here.
The small rise we saw against the pound yesterday was followed by more of the same today. The dollar edged ahead to close the day on 0.6722. More bad news came to the fore against the euro today as well. Instead of seeing a good result, we saw a drop of 0.0069, taking it to 0.9130. The question now was whether this would take the currency into a series of losses, or whether the dollar still had something to play with as the week went on. Another loss was experienced against the Swiss franc too, taking the dollar to 0.9877 to finish the day.
Finally, we saw a drop for the US dollar today. It was bound to happen sooner or later. As it turned out it wasn’t a significant one. The dollar fell to 0.6714 as a result. The dollar bounced back against the euro though, rising to 0.9160 in the process. It was clearly not following a specific pattern against all the currencies this week. Instead, we had good days here and there and no guarantee that a good result in one area would lead to a good one elsewhere. Back to good news against the Swiss franc though, as the dollar rose to 0.9904 against this currency.
With today being the last day of trading this week, before Christmas Day arrived on the Friday, it was essential to try and get some good results if at all possible. Unfortunately, this didn’t happen against the British pound. Instead, the dollar slipped back to 0.6706. However, this was marginally up on the rate it had begun the week with, so it was a good result all in all. Yesterday’s good result against the euro was not replicated today, so the dollar ended the week on 0.9134 here. We also saw the dollar drop against the Swiss franc, closing things out on 0.9871.
Today was Christmas Day, of course, so there was no trading to be done. However, there had been plenty of drama up to this point. Perhaps we can look forward to more between Christmas and New Year as well.