Posted November 29, 2016
For the most part, this was a good week for the US dollar. There were a couple of rough days, but even then it did not lose much ground against a raft of European currencies.
The US dollar got a good start against the British pound, taking the opening rate of 0.7899 and heading to a better one of 0.7978. Would this take us on to better things for the rest of the week too? Another question was whether we could start as well against the euro. We did, moving from 0.9170 to 0.9279 in this part of Europe. Our third European currency to look at is the Swiss franc, and the dollar got the better of this exchange rate as well. It rose from an opening exchange rate of 0.9842 to finish the day on 0.9964 – very close to parity.
More good news came the way of the dollar today, as it pushed ahead to 0.8048 against the pound. It was clearly making a good start for the week elsewhere too, as it managed to creep ahead further to 0.9289 against the euro. Another slight improvement was seen against the Swiss franc as well, as the dollar edged ahead to 0.9993.
We finally had a drop against the pound today, but it was about as small as a drop can be. The closing rate was down just marginally to 0.8046. The same wasn’t the case against the euro though, where the US dollar managed to push ahead further to 0.9344 today. Did this mean we were in for another two good days to close out the week? We would soon find out? Parity arrived in the shape of the US dollar versus the Swiss franc today, as the exchange rate changed to 1.0033. How long would this last for?
After yesterday’s slight fall, further bad news came against the pound today as well. The US dollar dipped to 0.8029, although this was still better than we’d seen earlier in the week. And we finally saw a dip against the euro too, albeit a mild one, taking the dollar to 0.9330 in the process. What would the final day have in store? The dollar also dipped against the Swiss franc, but it didn’t drop back below parity, instead staying at 1.0018 today.
The final day of trading had come around already, and today it brought good news for the dollar against the British pound. The dollar edged up to close out the week on 0.8111, making it a good one all round. We also increased against the euro again too, taking the American currency to 0.9408 to finish things off in good style. We got the best rate of the week against the Swiss franc today too, rising to 1.0077 and making us wonder how much further the dollar could go in surpassing the 1:1 rate. The answer to that could come next week, or it may take longer before the pattern becomes apparent.