Posted June 13, 2017
With numerous challenges facing the dollar in the average week, this week would be no different. But would it come out on top in Europe against their myriad of currencies this time around?
The dollar didn’t start the week in good shape against the British pound, starting on 0.7779 and dropping a little to 0.7745 today alone. Did that set it up for a bad week overall? The dollar was in much the same position against the euro, too. This saw it start on 0.8915 before falling to 0.8889 today. It won’t surprise you, then, to realize the same would be true against the Swiss franc, too. Here, the dollar started trading on 0.9711 before dipping to close the day on 0.9650.
Today, there was better news for the US dollar. It improved to 0.7748 against the pound, and while this was just a small upward movement, it was better than the alternative. We couldn’t say the same of the dollar’s position against the euro, though, because here it fell to 0.8882. The dollar also fell against the Swiss franc, dipping to 0.9638 here.
Disappointment followed yesterday’s improvement against the pound, as the dollar dropped again today, this time to 0.7747. At least this was a marginal loss, so not too much to worry about. At least, we hoped that was true. And the position was reversed against the euro, because the dollar did better in this area of Europe, rising to 0.8915 against the single currency. The same was true against the Swiss currency, where the dollar managed to edge up to 0.9666 today. What would happen for the remaining two days of the week, though?
Another disappointment for the US dollar today, as it fell once again to 0.7725 against the pound. Could it rectify these losses on the last day of the week? Another loss was noted against the euro as well, as the dollar slipped to 0.8905. With just one day left to trade this week, could the dollar regain some of the marginal losses it had endured so far? There was better news against the Swiss currency, as the dollar moved up again, this time to 0.9667. Could it replicate this once more to close out the week on a strong note tomorrow?
The outcome of the UK General Election influenced the dollar’s position against the British pound. That was why it finished up with a better rate of 0.7841 to see out the week in the best position overall. The dollar also saved the best for last against the euro this week. It managed to secure a closing rate of 0.8947 here, which was a lot better than it had started on. The dollar also saved one more good result to finish on, with a rise to 0.9719 taking place against the Swiss franc.