Posted April 12, 2016
It would not be good news at every turn, but this week was proven to be a pretty good one from the US dollar’s point of view. Not every result was brilliant, but plenty were.
The dollar started as it meant to go on today – against the British pound, at least. We began on 0.6988 and crept up a little further to 0.7006 today. The question now was whether the dollar could perform as well against the euro. It turned out the answer was yes, as it edged up from 0.8747 to 0.8787 today. Was this the start of a long period of good news? It was another good result for the dollar versus the Swiss franc as well, as the dollar moved from its opening rate of 0.9574 to 0.9594 today.
More good news today as the US dollar managed another good result against the British pound. This sent it ahead to 0.7051, and caused us to wonder whether we could hope for more of the same tomorrow. The good news kept on coming today as the US dollar improved further to 0.8797 against the euro. However, things were turned on their head against the Swiss franc, as the dollar dipped to 0.9582 today.
If we hoped for better news still today, we got it. The British pound was struggling against the US dollar, and it was evident in today’s closing rate of 0.7128 for the dollar. The euro was also pummeled by the dollar, as the latter pushed ahead to improve its standing to 0.8821 today. Back to good news against the Swiss franc, too, as the dollar edged back to 0.9603 today.
It would be unusual to have a whole week of great results against one currency, which is why today’s drop to 0.7103 for the dollar versus the pound was perhaps not a massive surprise. The same pattern occurred against the euro too, meaning the US dollar dropped slightly to 0.8799. Would this occur tomorrow, too? There was another fall for the dollar against the Swiss franc, which seemed to be getting the better of it – especially as the dollar finished on 0.9577 today. This was only marginally higher than the week’s opening rate had been.
Back to good news against the pound today, as the dollar finished the week with a rate of 0.7104 today. We had a slight – very slight – improvement against the euro too, which sent the dollar up to 0.8800 to finish the trading for this week. Finally, the dollar slid against the Swiss franc once more to finish a not-as-strong performance here. It meant the dollar dipped back to 0.9569 this week, which was lower than Monday’s rate. However, apart from this, the week as a whole looked pretty strong for the US dollar. The question is whether next week will look just as good as this one overall.