Posted April 18, 2016
This week, we would see how the US dollar could have tough times against some European currencies, and yet do well against others. Which way would things fall this time around?
The dollar didn’t get off to the best start this week – at least not where the British pound was concerned. The US dollar began on 0.7104 and ended today on 0.7028. It didn’t have an encouraging start against the euro either, starting on 0.8800 and falling back to 0.8779 by the time the first day of trading had finished. Our third European head-to-head came against the Swiss franc. We didn’t have a good start here, opening trading on 0.9569 and falling to 0.9549 today.
More bad news came the way of the US dollar today, as it sank lower against the pound. It fell to 0.7005 today, leaving us wondering whether this would be a permanent theme of the week. Another slight drop came against the euro, too, although at least it wasn’t as big a drop as we’d seen yesterday. We slipped back to 0.8775 here. A second bad day of trading came against the Swiss franc, allowing the dollar to fall to 0.9541.
Better news – finally – for the dollar versus the pound today. It managed to perk up slightly and closed on 0.7026. Was this the beginning of a fight-back for the dollar this week, at least where the pound was concerned? The same was pondered against the euro as well, as the dollar pushed back to improve to 0.8851 today. Finally, we did see some improvement against the Swiss franc, as the dollar edged ahead to 0.9636 today.
Today we had another improvement against the British pound, as the dollar closed off trading on 0.7070. With just one day to go, could it continue this two-day series of improvements and turn it into a three-day series instead? Again, we had more of the same against the euro today, as the dollar managed to increase its position to 0.8887. Would we make it three out of three on the last day of the week? We did have a second day of good results against the Swiss franc, too. The dollar managed to perk up to 0.9667 today, making us ponder the prospect of at least finishing in good style against this particular European currency.
The dollar dipped again today, unfortunately, leaving it on 0.7052 against the British pound as the week closed. And again, the outcome against the euro wasn’t good today, even after two good days. We ended up sliding back to 0.8862, although at least this was slightly better than we’d seen at the beginning of the week. There was at least some good news against the Swiss franc though, where the dollar clearly had things under control. It finished on 0.9676 today, which was some distance ahead of the opening rate we had seen on Monday morning this week.