Posted June 02, 2016
It is rare to get a full sweep of great results regarding any currency in a one-week period. So much can happen to change things, as we would see this week for the US dollar.
Well, the US dollar certainly began in good fashion against the British pound, moving up from 0.6864 to start with to 0.6905 to close out this first day. Would it be able to move on in that same vein though? We had another strong start against the euro, as the dollar moved up from 0.8913 to 0.8916 today. The week didn’t start brilliantly against the Swiss franc, as the dollar fell from 0.9914 to 0.9901 to start things off. Would they improve from there, though?
Despite yesterday’s encouraging start, the dollar fell against the pound today, taking it below the initial opening rate from yesterday. This meant it finished up with an exchange rate of 0.6851 today. The same couldn’t be said of the dollar versus the euro though, as the dollar definitely improved here, rising to 0.8954. We did have an improvement against the Swiss currency, as the dollar edged ahead to 0.9920 today.
The bad news we started on yesterday continued today, as the dollar fell further up against the pound. It dragged down to 0.6811 by the time the day was done with. Where would the remaining two days take us here? We got more good news against the euro, rising to 0.8971 to close out the day. The same could not be said against the Swiss franc though, as the dollar fell back to 0.9912 today.
The falls continued for another day, at least where the dollar versus the British pound was concerned. We finished up struggling once again, finishing on 0.6802 – the lowest rate of the week so far. Could we pull anything back on the last day of the week? The falls were bound to start against the euro eventually, and today the dollar did drop back to 0.8954. Elsewhere, the US dollar finally got back onto a good footing against the Swiss franc. In doing so, it managed to end trading on 0.9916 today. This meant it had just improved on the original opening rate for the week. The only question now was whether it could do the same again tomorrow, on the last day’s trading for this week at least.
Things finally started to improve for the US dollar today, although you got the feeling it was too little, too late. We managed to claw back some of the losses though, returning to a healthier rate of 0.6827 against the pound as a result. The dollar also stalled against the euro, closing on the same rate (0.8954) it had been on the day before. We were hoping for a good rate against the Swiss franc too, but this was not to be. Instead, the dollar dropped to a disappointing 0.9910 today, leaving it lower than it had been on Monday morning.