Posted April 05, 2016
It didn’t take long for this four-day week following the Easter weekend to turn into a disappointment for the US dollar. Here, we reveal just what happened and how.
The US dollar didn’t get a chance to trade with anything today, as it was Easter Monday. This meant the markets were closed for the day, so we had an additional day to wait and see how the dollar would start the week.
As we finally got underway this week, the dollar began trading on 0.7077 against the British pound. It didn’t start well, though, and by the time the day was done, the dollar had slid to 0.7008. Was this a bad sign for the remaining days ahead this week? The US dollar didn’t start well against the euro either, falling from the opening rate of 0.8965 to 0.8933 today. Now it had to try for something better against the Swiss franc, and it soon became clear this would be far from easy as well. The dollar began trading on 0.9749, before eventually creeping up by the tiniest of amounts to 0.9750.
After yesterday’s disappointing start, we had more of the same against the British pound today. The dollar slid further to 0.6939 today, making it clear this would be a tough journey for the currency this week – at least where the British pound was concerned. It wasn’t a good time for the American currency against the euro either, as it fell further after yesterday’s losses, taking it to 0.8830 by the end of trading. After the slight increase against the Swiss franc yesterday, we had nothing of the sort today. Instead, the dollar dropped in value and closed out the day on 0.9637.
Finally, we had some good news today – but only marginally. The dollar managed to edge ahead against the pound, rising to 0.6952 in the process. We couldn’t manage an improvement against the euro, though, and as such the American currency had fallen further by the day’s end, stalling on 0.8783 today. More bad news followed against the Swiss franc as well, as the dollar fell to 0.9601 today.
Another marginal improvement came along for the dollar today, as it finished up with a rate of 0.6988 against the pound today. However, it was still down over the week as a whole, so the news was only mildly good. We had hoped for some good news against the euro today, but it was not to be. Another poor day followed, leaving the US dollar on 0.8747 at the end of the week. And finally, we had yet more bad news against the Swiss franc today. It seemed things were simply not going the way of the US dollar this week, as it slid to a halt on 0.9574 today – the lowest rate against the Swiss franc for the entire week.