Posted May 03, 2016
This would not be a week we would want to remember – not for good reasons, anyway. As the week wore on, it became clear that one currency was going to have a tough time achieving anything of note.
The US dollar started the week on 0.6955 against the British pound, but we didn’t get the start we would have wanted. Instead, we dropped to 0.6892 – a significant drop for just one day. So would this pattern be repeated elsewhere too this week? Well, things weren’t looking too hot regarding the euro either – at least not where the dollar was concerned. It began trading on 0.8878 and fell to 0.8877 by the close of play today. So how would things pan out against the Swiss franc? We had the all-too familiar drop against this European currency today, taking the dollar from 0.9758 to 0.9741 as a result.
After yesterday’s fall, we did at least stall the slide today. However, the dollar still dropped further to 0.6864 this time around. Was this going to be the pattern for the entire week? Another drop was in store against the euro as well, this time taking the dollar to 0.8859. After yesterday’s poor start against the Swiss franc, things actually perked up a little today (although ‘a little’ was the right term to use). Here we managed to close things out on 0.9745.
Another drop was in store for the beleaguered dollar today, as it fell further to 0.6854 against the British pound. Could we do anything to stop this slide as the week progressed through the halfway stage? We were asking the same question with regard to the euro as well, as the dollar fell further today, this time to 0.8847. Over against the Swiss franc, the dollar dropped back once more, wiping out the small improvement we saw yesterday. This left it on 0.9730 today.
It soon became clear the US dollar was not going to beat the pound this week. While the rate of decline was slowing, there was still a loss in store today, sending the dollar down to 0.6853. It was shaping up into a poor week for the dollar all round, anyway, as it dropped even further today to 0.8804 against the euro. Could we achieve anything of note against anything tomorrow? Today we had the biggest loss yet against the Swiss franc, as it dipped back to 0.9661.
Finally, we have yet another fall against the pound, which meant the dollar had five out of five falls this week. It finished on 0.6842 – some distance from the 0.6955 it started on. We had the same pattern once again where the euro was concerned, too. Here we dropped to a week-long low of 0.8769. The same thing happened once more against the Swiss franc, where we capped off a disappointing week on a rate of 0.9632.