Posted August 01, 2016
When the gains are small and also few and far between, you tend to get the picture things are tough on the currency markets. That would definitely be the case this week, as the dollar tried to hold firm against European currencies.
The US dollar didn’t get the best start against the British pound this week. It began trading on 0.7636 but dipped to 0.7618 by the end of the day. We started strongly against the euro though, rising from the starting rate of 0.9079 and finishing on 0.9105. The same could be said against the Swiss franc, where the US currency began trading on 0.9860 today and rose to 0.9869 at the end of the day.
After yesterday’s dip, we were disappointed to see another one today against the pound – albeit a small one. We ended up falling to 0.7612 this time around. Would we drop again tomorrow, or would there be better news in store? We didn’t do well against the euro today either, falling a little to close out the day on 0.9093. There was another slight rise that gave us encouragement against the Swiss franc as well. The dollar edged ahead to finish trading on 0.9884 today.
Finally, some better news for the dollar today as it pushed back to 0.7631 against the British pound. We had a similar picture against the euro too, although the improvement was mild, seeing the dollar rise to 0.9098. Three out of three good results were the picture against the Swiss currency, as the dollar headed up to 0.9942 today.
We somehow knew yesterday’s perk would be temporary, and this was the case. The dollar dropped again today, but to the lowest level so far this week, at 0.7594. We had more bad news against the euro as well. Here, the dollar also had a poor showing as it dropped to 0.9017 today. What would tomorrow have in store though? Would we improve or was there even worse news to come? Finally, we had to have a bad day against the Swiss franc, didn’t we? And that was exactly what happened, with a low of 0.9821 today. Would we improve tomorrow to finish the week, or was there worse to come?
There was little change between yesterday and today for the US dollar against the British pound. In fact, we have to use an extra couple decimal points here – yesterday we were on 0.759423, and today we finished on 0.759471, slightly better off. There was no such good luck against the euro though, as the dollar dipped to get its lowest rate of the entire week, taking it below 0.90 in the process to a disappointing 0.8998. We also had a poor finish against the Swiss currency – just what we had feared. The dollar dipped to a week-long low of 0.9739 this week, which was not a great point to end on.