Posted May 23, 2016
You couldn’t have foreseen just how good the week was going to be for the US dollar against a variety of European currencies this week. But we have the results right here.
It’s always good to start out strong, and this week the US dollar did just that against the British pound. It began trading on 0.6940 before edging ahead to 0.6958 by the day’s end. Was this a sign of good things to come? We certainly had some good news to start off with against the euro, where the dollar rose from 0.8812 to 0.8830 by the end of today. Our third European stop is with the Swiss franc. The dollar got underway on 0.9714 here, before rising to 0.9765 today.
We wondered yesterday if the improvement against the British pound meant the dollar was in for a good week. Today we would end up thinking the exact opposite, as the dollar dipped to 0.6904 – going lower than its starting rate had been. The opposite turned out to be true against the euro, though, as the dollar increased its position to 0.8835 today. Could it keep this up throughout the week? More good news against the Swiss franc, too, where the dollar won through to finish on 0.9789 today.
More bad news came for the dollar against the pound today, as it dipped further to 0.6869. Was this the way the rest of the week would pan out as well? The news did turn good against the euro, as the dollar edged ahead to 0.8866 today – the biggest daily rise yet. We had more to celebrate against the Swiss franc as well, because the dollar soared to 0.9828 by the day’s end. With just two days to go, things were looking promising here.
Another drop was in store for the US dollar today, as it seemed to be on a slippery slope against the pound at least. It fell to 0.6839 by the end of the day – a cent below its starting rate way back on Monday morning. We thought we did well against the euro yesterday, but we did better still today, rising to 0.8930 as a result. Another big rise came against the Swiss franc as well, taking the dollar to a day’s end rate of 0.9903.
The dollar did manage to claw back some of its losses this week as far as the pound was concerned. It crawled back to close things out on 0.6864, and hopefully that would stall the rot for next week, too. Finally, we did experience a loss against the euro, although it wasn’t enough to get rid of all the good results we’d had so far. We finished up on 0.8913 here, which was a great result for the US dollar. It did turn out to be an encouraging week against the Swiss franc though, as the dollar had five rises in a row to allow it to finish on 0.9914.