Posted November 29, 2016
The currency markets are always hard to predict, but this week we had a real mixed bag to dip into. Let’s reveal the results now.
Well, we didn’t start well against the British pound this week. The dollar opened trading on 0.8111 today but soon fell to 0.8063. Was this a sign of poor things to come? We’d soon know for sure. Our second European stop is with the euro itself, so could the dollar improve here? It couldn’t, because it fell from 0.9408 today to 0.9406 by the end of trading. We did okay against the Swiss franc though, rising from 1.0077 to 1.0090 today. Did this bode well for the remaining four days or not?
More bad news for the dollar today as it dropped further against the British pound. It fell to 0.8045 by the end of the day. The dollar did manage to improve against the euro after yesterday’s poor start though, which meant it closed on 0.9418 today. Better news came against the Swiss franc as well, because the dollar rose to 1.0106 today. Could we keep this up for a bit longer, or would the losses start to rack up?
Finally, a sliver of good news came our way today, as the dollar perked up to 0.8054 against the pound. It was only a small improvement though, and we still had two days to go. Small improvements were the order of the day against the euro, too, where the dollar edged ahead to 0.9432 today. What else could it manage to do in the final two days to come? Another improvement came along for the dollar versus the Swiss franc, taking it to 1.0121 today. That’s three-out-of-three so far.
Today, the dollar was back down to 0.8039 against the pound, hitting the lowest rate so far this week. Would we go lower still tomorrow, or would the US dollar do something to stop the losses? There were no losses against the euro today, as we saw the best result of the week against the euro – 0.9480 by the end of the day. From three good results to four today against the Swiss franc, as the dollar moved ahead again to 1.0169. These were small improvements but they were there.
We did see an improvement against the pound today, but it was a small one. The closing rate of 0.8042 was only marginally better than yesterday, and represented a loss overall this week. We had a drop against the euro though, closing on 0.9441 today. The overall picture was 0.9441 today, which was slightly up on the opening rate from Monday morning. Finally, we saw a loss against the Swiss franc, although it wasn’t enough to wipe out all the good news we’d seen so far. The dollar ended the day and the week on 1.0135.