Posted August 30, 2016
Some weeks are uncertain to say the least, but this week would prove to be an interesting one as far as the US dollar was concerned. Let’s take a closer look and see whether it did enough to beat the European currencies it went up against.
The US dollar stood at 0.7640 as the week started against the British pound, but this soon dropped back to 0.7627. Was this the start of a potentially-poor week for the dollar? We began the week on 0.8829 against the euro, but we had a better start here at least. This led to a small increase to 0.8844 by the day’s end. Meanwhile, the dollar started trading on 0.9581 against the Swiss franc, before rising further to 0.9628 by the end of the day.
Our question yesterday seemed to be answered today as the dollar slipped again where the British pound was concerned. Our closing rate here today was 0.7584. Another drop was seen against the euro too, wiping out yesterday’s improvements and taking it lower still to 0.8819. Yesterday’s rise against the Swiss franc was forgotten today as the dollar dropped to 0.9609 – still higher than it had started the week on.
More bad news came the way of the US dollar today as the British pound pummeled it again on the currency markets. It closed things out on 0.7555 this time around. Could it do anything to stop the slide toward lower currency rates? There was some better news against the euro though, which saw the American currency rise to 0.8874 today. Would we be able to take this further to finish the week in style? Meanwhile, the dollar managed to rise again today, seeing out the trading day on 0.9665. It seemed to be getting the better of the Swiss franc all in all.
Finally, we had some good news today. The dollar edged up a little against the pound, closing the day’s trading on 0.7579 here. The opposite happened against the euro as the dollar fell to 0.8857 - better than it had been a few days ago but still lower than we would have liked. A small drop occurred against the Swiss currency as the dollar fell to 0.9658, but it really was only a small drop.
If we thought we were turning a corner yesterday, we were wrong. Instead, we managed to dip again, this time finishing the week on 0.7568 against the British pound. Finally, the dollar closed on 0.8857 against the euro, which was at least better than it had been on Monday, even after the highs and lows of the week as a whole. The overall up-and-down pattern we’d seen against the Swiss franc was borne out again today with one final rise for the week. This took it to 0.9683, which was better than we’d opened the week on.