Posted July 11, 2016
Some weeks do bring with them a mix of challenges for some currencies. You could certainly say that of the US dollar on the currency markets this week, as our results will show.
The US dollar definitely got off to a superb start today, going from 0.6942 against the British pound to 0.7056 by the time the markets closed. Would this be as good as it would get though? The dollar also did well against the euro today, rising from 0.8846 to 0.8874 here. The currency also made it three out of three against the Swiss franc, as it ended up going from 0.9629 to 0.9662. All in all, it was a pretty good start to the week.
The dollar achieved more good news today as it rose to 0.7080 against the pound. With two good days done, there were still three to go – and anything could happen yet. But for now, there would be good news against the euro as well, as the dollar went up to 0.8908 today. The same could not be said with regard to the Swiss franc, where the US dollar managed to drop back to 0.9649 today.
It would perhaps have been too much to ask for to see a whole raft of great results from the US dollar this week. So today it fell back to 0.7048 against the British pound. Where would things go from here? They went down – albeit only slightly – against the euro today, taking the dollar to 0.8904 as they did so. The exact same thing happened against the Swiss franc, too, as the dollar fell to 0.9632.
Another rise for the dollar today versus the pound, as it increased to 0.7072 with just a single day’s trading left to go. Things got better against the euro too, as the dollar ended up perking up all the way to 0.8949 today. Would there be more good news to finish the week tomorrow as well? Only time would give us the answer to that one. We finally got better news against the Swiss franc as well, as the dollar rose to 0.9676 with just one day left to go this week.
Finally, there was another drop today for the dollar, but it still managed to hold on to a better rate against the British pound for the week as a whole. It stalled on 0.6999 as a result. There was one final drop in store against the euro as well, unfortunately, and it meant losing out on more than half a cent in the process. The dollar finished up with a rate of 0.8885 today as a result. And the same was also true when the dollar tried to increase things against the Swiss franc. Instead, it dropped further to 0.9612 today, and this was lower than the opening rate had been way back on Monday morning.