Posted March 22, 2016
There are several major European currencies the US dollar has to contend with each week. But how would this week pan out for the dollar, and would it manage to get the better of those currencies?
The US dollar started trading against the British pound today with a rate of 0.6996. However, by the time the day was over, the dollar hadn’t done well – falling to 0.6963 as a result. We had another drop against the euro too, which meant the week got off to a bad start in more than one place. The dollar went from 0.9017 to 0.8993 today. We managed to get three out of three bad results once we added the position against the Swiss franc into the mix; here it dropped from 0.9871 to 0.9865 today.
After yesterday’s poor start against the pound, we were encouraged by the dollar’s performance today. It perked up to 0.7053, giving us cause to wonder whether the week would improve as time went on. The same pattern was seen against the euro as well, as the dollar improved to 0.9001 today. However, the dollar dropped once again where the Swiss franc was concerned, taking the exchange rate to 0.9860 as a result.
After the good news we saw yesterday against the British pound, the dollar gave us even more to celebrate today. It managed to improve still further to 0.7115 this time. More of the same was seen against the euro, as the dollar edged up to 0.9038. Finally, though, we had better news against the Swiss franc, too. Here the dollar managed to improve to 0.9906 today.
The other shoe had to drop eventually, and today it did. The US dollar fell to 0.6915 against the pound, and with just one day left, could it recover those losses? The same significant loss was seen against the euro as well, taking the dollar to 0.8840 today. The week overall hadn’t been good against the Swiss franc, and today would be no exception to that. The dollar slipped back to 0.9688 today – quite a drop compared to where we found the dollar yesterday.
The question we posed yesterday was unfortunately answered in the negative today. The dollar closed out trading today on 0.6902 against the pound – lower than the rate it had begun Monday with. The dollar managed to recover some of the losses seen yesterday against the euro, but not enough. As a result, it closed the week on 0.8866. Finally, the dollar had yet another bad day against the Swiss franc – four out of five in total this week. Fortunately, it was not as bad as it could have been, and not as bad as it was yesterday. Instead, the dollar slipped back slightly to 0.9680 today. All in all, it had not been a brilliant week for the US dollar.