Posted June 08, 2015
Sometimes the whole story of currency trading isn’t known until the very end of a particular week. This was certainly the case for the US dollar this week, as you’ll see here.
Here we go then, and the US dollar started off well against the British pound this week. From an opening rate of 0.6554 it managed to edge up slightly to 0.6572 today. Would this bode well for the remainder of the week? The dollar opened on 0.9115 against the euro and had a good start here too. It rose to 0.9137 by the close of trading. Meanwhile it made it three out of three when the dollar rose against the Swiss franc too, going from 0.9426 to 0.9439 in the process.
Yesterday’s good start turned into a disappointment today as the dollar slid to 0.6567 against the pound. More of the same was on the cards against the euro too, as the dollar fell to 0.9067 today. Was this the start of more bad news? The same happened against the Swiss franc too. Here the dollar finished the day on 0.9421.
It looked as though bad news was here to stay against the British pound – at least for a while. The dollar slid back again, this time finishing the day on 0.6534. We did indeed get more bad news against the euro today, as the dollar dropped further to 0.8981. It wasn’t a surprise to see another drop against the Swiss franc either, as the dollar dropped to 0.9365.
Another slide against the pound took the dollar down further today, leaving it on 0.6498 as a result. Could it do anything to stem the losses as the week drew to a close? We’d find out tomorrow. Meanwhile the losses continued against the euro too, as the dollar fell to close on 0.8836. It was now a long way from where it had begun trading on Monday morning. The same could be said against the Swiss franc as well. Today the US dollar fell further to 0.9323.
We did finally see an improvement today as the dollar closed on 0.6522 against the British pound. It wasn’t back to where it had started though. The same pattern was replicated against the euro too, as the dollar finally managed to get a good day’s worth of trading in place. It finished on 0.8914 but this was still way below the rate the dollar had started on. More of the same concluded the week against a range of European currencies, as the dollar perked up to 0.9340 against the Swiss franc. This was still lower than the original opening rate had been back on Monday morning though. Indeed this was repeated throughout the week, as the dollar made a good start on Monday but then had a bad time until picking up again on Friday night.