Posted June 15, 2015
Some weeks the dollar looks to be wading through treacle to try and get anywhere on the currency markets. This week was definitely like that, as you are about to see.
The US dollar started on 0.6522 against the British pound this week. It had a pretty good start too, rising to 0.6556 by the close of trading today. The dollar began the week of trading on 0.8914 against the euro and had quite a good day here as well. It closed on 0.8958 as a result. Over in Switzerland the dollar began trading against their franc at 0.9340. Here too the day was a good one for the dollar as it rose to 0.9380 by Monday evening.
Yesterday’s good performance could not be repeated today as the dollar slipped to 0.6537 against the pound. Was this the start of a slippery slope? The same question could be asked against the euro today, as the dollar fell here too – this time to 0.8889. Once again that familiar pattern was repeated somewhere else – namely against the Swiss franc. Here the dollar fell to 0.9303 today – quite a significant drop for a single day’s trading.
The slippery slope we saw yesterday was definitely in evidence today as the dollar fell further against the pound. This led to a closing rate of 0.6458. The same pattern seemed to be playing out elsewhere as the dollar was still struggling against the euro today. Here it managed to drop back to 0.8866. More bad news came by way of the performance against the Swiss franc, as the dollar fell further to 0.9296 today.
Finally we had some better news for the US dollar today as it found its feet against the pound. It rose a little to 0.6469 but this didn’t give us enough confidence that it would be able to pull out a good result for tomorrow as well. And again we had a similar pattern against the euro as we picked up a little to 0.8903 today – but could we do the same again tomorrow? The dollar managed to retrieve some losses against the Swiss franc too today. As a result it finished trading on an improved 0.9368. But would it be enough to get a reasonable finish tomorrow?
We were right about the dollar as it fell again versus the British pound today. This left it on a poor 0.6457 to close out the week. However it did buck the pattern against the euro because here it managed to climb once again, this time to 0.8912. However this was still marginally behind the amount it had started on against the euro back on Monday morning. The US dollar couldn’t buck that same pattern against the Swiss franc though. It fell again here, finishing on 0.9330 as a result and closing out what had been a rough week for the dollar.