Posted March 22, 2016
This would be a week of major changes – and they could happen at any time, and on any day, too. Here’s our report on the major events occurring in the currency markets for the US dollar this week, to see what happened.
As the week got underway, the US dollar managed to begin with a small improvement against the British pound. This took it from 0.7063 to 0.7070 today. But would it be able to build on that through the rest of the week? There was another good start against the euro too, as the dollar moved up from 0.9115 to 0.9129 today. The day got started on 0.9934 against the Swiss franc, and by the time trading was finished for the day, the dollar was better off with a rate of 1.0008.
After posing our question yesterday, we got an answer today – and it wasn’t the one we wanted. The dollar dropped back to 0.7037, leaving us wondering whether the dollar would go up or down against the pound from here on in. Elsewhere in Europe, the dollar dropped against the euro too, falling to 0.9067 as a result. It soon became clear the pattern was spreading throughout the major currencies. The dollar fell to 0.9931 today against the Swiss franc as well.
The pound got the better of the dollar again today, pushing it down to 0.7029. Could the dollar push back to achieve a better end to the week? It remained to be seen. There was better news against the euro though, as the dollar improved on its previous performance and rose to 0.9113 today. Mixed news came in on the good side against the Swiss franc as well, as the dollar rose to 1.0004.
Better news came in today as far as the dollar was concerned. By the time the trading was over, the dollar had improved to 0.7067 against the British pound. Could we achieve one more result like that tomorrow though? Things were good too against the euro today, as the dollar inched ahead further to 0.9210. How would it fare tomorrow, on the last day of the week? The brighter picture was supported once again by a better rate against the Swiss franc, of 1.0077. Could the dollar continue it for another day?
We were unsure whether the dollar would improve again today, and as it turned out, the pound had the better result. The dollar ended on 0.6996 – the lowest result of the entire week. We then had a very similar picture against the euro as well, as the dollar seemingly gave up any pretense of trying too hard. Instead, it slid to a halt on just 0.9017 today. The same picture became clear against the Swiss franc as well. After the best rate yesterday, we suddenly had the worst one of the week today, at 0.9871.