Posted April 07, 2015
Every now and then a holiday gets in the way of a full week of trading. This would be the first of two weeks where this happened, as the currency markets got to grips with Easter.
Let’s get underway on this shorter week then before Good Friday arrives. Today the US dollar began the week on 0.6722 against the British pound, but it managed to finish in better shape. By the end of the day it was up to 0.6757. Moving on to the euro now, the dollar started here on 0.9211 and had another bit of good news to celebrate – namely the increase to 0.9220. There wasn’t such good news in store against the Swiss franc though. Here the dollar started out on 0.9649 and ended up on 0.9625 at the end of the day. Not the best start to the week.
After yesterday’s good start against the British pound we wondered if the dollar could get another good day in today. It did, but it was less noticeable as it edged up slightly to close on 0.6759. Yesterday’s jump up was bettered today as the dollar rose to 0.9294, getting ever closer to reaching the 0.93 mark. Could it do it this week? After the poor start the dollar made against the Swiss franc yesterday there was better news in store today. The dollar reached a cautious 0.9724, rather better than it had seen yesterday.
The dollar was keen to make things count this week as it went up against the British pound. The closing rate today was better still at 0.6773 with just one day of trading left to go. Could it make four good days this week? Another smaller improvement was seen against the euro today. The dollar pushed further to achieve a closing rate of 0.9298 – just shy of the 0.93 mark. We were hoping the dollar could continue with the good result it had seen against the Swiss franc yesterday, but it was not to be. Instead the dollar slipped to close on 0.9694 today, with only one more day left in the week.
Unfortunately the dollar couldn’t replicate the previous three days’ worth of good trading against the British pound today. Instead it dropped back slightly to 0.6755, but this still beat out Monday’s opening rate. The same was true of the dollar versus the euro, where the dollar fell back to 0.9233 today to finish the week. Finally we have another disappointing rate against the Swiss franc to report on. Here the US dollar ended the shortened week on 0.9602, which was lower than the rate on Monday morning had been.
Today was Good Friday, so there was no trading on the currency markets. It would be followed by another four-day week next week as well. We could have hoped for better this week but there were some good results to remember.