Posted August 15, 2016
Sometimes you see a similar pattern against a number of currencies over the space of a week. This would be such a week for the US dollar when it went up against a variety of the major European currencies.
The week began with the US dollar on a rate of 0.7602 against the British pound. We had a good start too, watching as the dollar rose to 0.7662 today. Did this bode well for the week coming up? We’d soon find out. The opening rate against the euro was 0.8963 and we had a good start here too – rising to 0.9019 by the close of play. The dollar had a good start against a third European currency as well – the Swiss franc. It went from 0.9727 to 0.9816 today.
After yesterday’s encouraging start, we managed to get to a higher rate today as well. The dollar headed up to 0.7708 against the pound, reaching better heights and looking strong as it did so. More of the same good news came our way against the euro as well. The dollar put in another strong performance to reach 0.9026 today. More of the same came against the Swiss franc as well, as the dollar edged ahead to 0.9838 today.
Finally, a drop for the dollar – it dipped to 0.7648 against the British pound today. Could it perk up again as the rest of the week went on? We had another drop against the euro as well, so this wasn’t a good day for the dollar. It closed out on a slightly lower rate of 0.8941. And again the same pattern was seen where the Swiss franc came into play. Here it managed to stall the losses on 0.9766. Would we be able to get back to better ground tomorrow?
Better news once again for the dollar versus the pound – it rose to 0.7714. It was back to good news against the euro as well, because it managed to reach up to 0.8966 with just one more day of trading to go. It remained to be seen whether this improvement could be drawn out for yet another day. We didn’t have good news against the Swiss franc though – instead, we ended up sliding back further to 0.9736.
We didn’t get a good closing rate today, but the dollar didn’t lose too much ground either. It finished on 0.7711 against the British pound. The same could be said against the euro, where the pound managed to close out on 0.8962 today. And to finish the week we did have one more piece of good news – a slight improvement against the Swiss franc. We managed to finish on 0.9758 here, which was quite good all in all. So it was not a bad week overall, although we did have a little dip in the second part of the week.