Posted October 19, 2015
Some weeks feel like the currency market is wading through treacle. The US dollar certainly felt that way this week, as you’re about to find out.
The US dollar needed a good start against the British pound but it didn’t get it; instead it went from 0.6519 to 0.6507 today. At least the drop wasn’t too significant in size. Our second European currency to look at is the euro, and the US dollar didn’t start well here either. Instead it dropped from 0.8801 to 0.8792 today. Would this be the start of a slippery slope or would things be a little more complex than that? We didn’t get a great start against the Swiss franc either, falling from 0.9610 to begin the week to 0.9608 today.
Better news today, as the dollar rose against the pound to reach 0.6576 by the end of the day. Did this look good for the remainder of the week? Another drop was seen against the euro, but today’s drop was much smaller. It took the dollar to 0.8791. Another drop was in store for the dollar versus the Swiss franc too. Here it meant the dollar fell back to 0.9592.
If we were hoping we’d get a good run of results from now on we were wrong. Instead the dollar dropped to 0.6501 today, below the point it had started from on Monday. The dollar wasn’t having a good time of it against the euro either, as it fell further today from 0.8791 to 0.8764. Could we do anything to stop this series of falls? The drops against the Swiss franc got a little steeper today as the dollar went down further to 0.9553.
Another drop was in store for the US dollar today as the pound was clearly getting the better of it. This left the dollar at 0.6466 at the close of play – the lowest point it had reached all week. Could it manage to edge up from that point before the week was over? The dollar simply wasn’t in charge against the euro at all this week, as the single European currency knocked it back again today – this time to 0.8742. The Swiss franc was also proving to be a tricky customer as the dollar slid further to 0.9505.
The dollar recouped some of its losses today but the British pound was still firmly in charge. The dollar closed things out on 0.6475, not quite reaching the level it had started on back on Monday morning. We had to wait a whole week to see an improvement against the euro, but today we finally got a sliver of good news. The dollar rose to 0.8802, which ironically was just a tiny bit above the original starting rate on Monday morning. Something similar happened against the Swiss franc too, as the dollar edged up to 0.9514. Unfortunately this wasn’t enough to secure a successful high rate for the week as a whole.