Posted May 10, 2017
We’ve had several Bank Holidays recently, due to Easter, and we have another one here to reduce the week’s trading for the US dollar.
So, since today was a Bank Holiday, there was no trading on the currency markets. This would give us just four days this week where progress – or lack of – could be made by the US dollar.
From the opening rate of 0.7728 against the British pound today, the US dollar made some progress to close on 0.7743 by the time the day was over. Was this worthy of cautious optimism for a better week ahead? The dollar opened on 0.9149 against the euro this week, and had a good result here, too – rising to 0.9161 by the time the day was over. Could we build on this, too? Our third European currency is the Swiss franc, as always, and here we enjoyed a good day to start with. From an opening rate of 0.9909 today, the dollar managed to rise to 0.9942.
After yesterday’s slow start, we ended up going backward against the pound today. Instead of building on our rise yesterday, we slid to 0.7733 today. At least the damage was minor, and it was still above the opening rate for the week. The same pattern was borne out against the euro as well, so things were going to be tough for the dollar this week. This time, we finished on 0.9158 here. We had losses against the Swiss currency too, falling to 0.9902 today and erasing everything we’d achieved from yesterday.
Better news today as the US dollar managed to make some improvement against the British pound. This meant the dollar finished in a more encouraging position, on 0.7757. However, the dollar fell again where the euro was concerned, which meant we ended up stalling on 0.9151 today. Where would we go from there, with just one more day left to trade in this shortened week? Better news came against the Swiss franc, though, as the dollar edged up to 0.9923 today. With just one more today to go, could we maintain this good position at least?
After some real ups and downs so far against the pound, we weren’t sure where we would end up this week. So, we weren’t entirely surprised to find we were stalled on 0.7728 this week – the exact same rate we’d started on. We half-expected a drop against the euro today, so we weren’t surprised when the final rate turned out to be 0.9123. This hadn’t been a good week in that part of the world. And another fall came against the Swiss franc, too – perhaps to be expected, given the pattern we’ve seen elsewhere. This left the dollar on 0.9888 today, which again was lower than we had started off with. Hopefully, next week will be a lot better for the American dollar.