Posted June 07, 2016
This week would not produce a clear pattern for the US dollar. Instead, there would be all manner of ups and downs, ins and outs – none of which were entirely predictable as the week went on.
The US dollar started the week on 0.6827 against the British pound, and managed to start well, too – rising to 0.6834 in the process. Over in another part of Europe, the euro was going against the dollar, too. The US dollar began trading on 0.8954 and got the better of the euro on day one at least, rising to 0.8977 on that day. The US dollar then began on 0.9910 against the Swiss currency, and it managed to increase that to 0.9927 today to start the week in a strong position overall.
The dollar had done well yesterday, but it had a slight drop today, taking it to 0.6830 against the pound. Would it be able to claw back that slight loss in the future days? After yesterday’s good result against the euro, the European single currency fought back today, pushing the dollar down to 0.8965 in the process. The same could also be said of the Swiss franc, which in turn forced the dollar into a weaker position on 0.9901 today.
As the new month got underway, it brought better news for the dollar. It managed to edge ahead to 0.6923 today against the British pound, at least. No such luck against the euro, though, as the dollar finished up with a rate of 0.8949 this time around. There were still two trading days to go though, so what would happen next? The same bad news was seen against the Swiss franc, as the dollar fell to 0.9893.
This week was clearly not going to be easy to predict. This was borne out by the dollar dropping back again today, to 0.6912 against the British pound. Where would this leave the currency on the final day of the week? Another slight drop was seen against the euro, with the single currency forcing the dollar down to 0.8938 today. More of the same came into force against the Swiss franc, which got the better of the dollar and ended up bringing into play a 0.9887 exchange rate.
Fortunately, after the uncertainty of the previous days, the dollar finished in good style today. It rose to a closing rate of 0.6928 – better than the original opening rate had been. If the dollar could save the best for last, it did so against the euro too – rising to a week-ending rate of 0.8965. The same was also seen against the Swiss franc. Here, the dollar managed to close things out on 0.9906 today. This was still slightly lower than the opening rate had been back on Monday morning, but it could have been far worse than this all in all.