Posted January 07, 2015
This is one of the shortest trading weeks in the currency markets every year. However it doesn’t mean there isn’t plenty of action to check out, so let’s see how the US dollar fared against the European currencies throughout the week.
Our three-day week begins with an exchange rate of 0.6390 against the British pound on Monday morning. This soon improved, taking the rate to 0.6402 for the dollar by the time the markets closed. Could we have another two days of similar results to look forward to as well? As far as the dollar was concerned it had a pretty good start against the euro too. Here it began on 0.8143 and closed out the day on 0.8157. The pattern was borne out once again in Switzerland, where the US dollar began on 0.9804 against the Swiss franc before rising to 0.9817. Only a small rise but still one to be pleased with.
Yesterday’s good start against the British pound was built upon today, as the dollar edged up further. By the end of the day it stood at an encouraging 0.6441. Two out of two good days so far – could we add another into the mix? We certainly made it two out of two against the euro as well, as the dollar rose further to 0.8188 today. It was clearly a pretty good day all in all, since the US dollar had another great result to come too. This was against the Swiss franc, where it added on some more worth to close the day on 0.9851.
Unfortunately Christmas Eve would not bring a great result against the British pound to back up the previous two great days. Instead the dollar stalled on 0.6436 before the day was out. A similar picture unfortunately got underway against the euro too, as the dollar lost its footing in more than one place today. This meant it finished the short week on 0.8183 here, although this was still better than it had started on. The pattern was replicated once more against the Swiss franc, since the closing rate before the long break here was 0.9841. However this once again was better than the rate it had started the week with.
Today was Christmas Day, which meant the first of two days’ non-trading on the currency markets. Perhaps it was just what was needed to stall yesterday’s host of disappointing results.
We’d have to wait until next week to check out the latest movements in the currency markets, since today was Boxing Day. However overall the picture this week wasn’t too bad, even taking into account the drop in fortunes the US dollar had on Christmas Eve. It still managed to do pretty well over the three days it had to work with. Maybe next week – another short week – will produce a good start to the New Year.