Posted August 24, 2015
The US dollar was ready to go up against three major European currencies this week. But was it ready enough? We’d soon have all the answers.
So here we are with a fresh week and a good start for the US dollar as it improved from 0.6396 to 0.6400 against the British pound. Question is, will this continue? The dollar opened on 0.8951 against the US dollar before rising to 0.9009 today, so a good start there. The dollar had a good start against the Swiss franc too, rising from the opening rate of 0.9735 to 0.9766 by the end of the first day.
The British pound brought the US dollar back to earth today as the dollar sank to 0.6367, erasing the improvements it had made yesterday. We had better news against the euro though as the dollar rose further to 0.9041. After yesterday’s rise against the Swiss franc we had completely the opposite today as the dollar slipped slightly to 0.9763. Would this be the start of a prolonged struggle towards the end of the week, or could the US dollar do better?
Better news for the US dollar today, against the pound at least. It rose to 0.6384, although this was still some distance off the opening rate it had started with on Monday morning. Could it get back to that stage over the next two days and do better still? We certainly had a better performance against the euro as we experienced the third rise in a row, taking the dollar to 0.9057 in the process. After wondering how the dollar would perform over the rest of the week against the Swiss franc, we had bad news today. It fell to 0.9740, and with just two more days to go we were wondering whether it could improve any further at all.
Another loss for the dollar today as it fell to 0.6382 against the British pound. With just one day to go, would it lose more ground? After three good days against the euro the dollar finally faltered today. It dropped to 0.8942 in the process. The dollar fell further against the Swiss franc today as well, falling to 0.9632, which was the lowest rate yet this week. Could it pull something back with just one day of trading to go?
The US dollar finally ended up on an exchange rate of 0.6380 against the British pound today. This meant it was indeed lower than it had been on Monday morning, so not the best week here at least. Another drop occurred against the euro too, as the dollar finished the week here on 0.8864. Not only did the dollar fail to pull anything back against the Swiss franc today, it actually slipped a lot further than we may have thought it would. Finally it finished on 0.9542 – easily the lowest rate of the week.