Posted February 21, 2017
This would be an odd week of rises and falls – a week where we never knew what was coming next.
The US dollar began the week on 0.8024 against the British pound, before falling to 0.7986. Did this indicate a bad week to come? The dollar started on 0.9408 on Monday morning and didn’t move at all that day. We had a small but encouraging start against the Swiss franc, as the US dollar began trading on 1.0037 and rose to 1.0041 today.
If we thought yesterday meant we could have a rough time this week, we were thinking something different today when the dollar improved to 0.8010 against the pound. Did that mean the week was shaping up in our favor? We would find out soon enough. Meanwhile, the dollar had a good day against the euro today, rising to 0.9413. Not a huge rise, but a good result anyway. We had a slip against the Swiss franc, though, as the dollar fell to 1.0033 today. Did this indicate the pattern for the remainder of the week?
Another improvement came the way of the dollar versus the pound today, as it edged ahead further to 0.8052. Would this be the turning point for the entire week, or was there yet more drama to come? Things had gone well against the euro so far, and they continued to do so today as the dollar moved up again to 0.9474. Would it continue to do well throughout the final two days of the week? A rise was secured against the Swiss currency today as the dollar moved ahead to 1.0091.
We had another drop against the pound today, with the dollar falling to 0.7990 and nearly reaching the lowest point for the week. Now, it was just a case of seeing which way things would go tomorrow. Finally, we had bad news for the dollar against the euro. The dollar fell back to 0.9387 today, dropping lower than the week’s opening rate for the first time. Could tomorrow’s trading save it? A surprising drop to 0.9995 occurred against the Swiss franc today, making us wonder whether tomorrow might see more of the same.
We couldn’t have chosen a better end to the week, as the dollar moved up to 0.8048 today, rising almost as high as the high point it had reached on Wednesday. We could live with this, as it was better than some of the other rates we’d had this week. The dollar did move up slightly against the euro, to 0.9389, but this was not enough to get back to the opening rate, let alone to rise above it. We had started well against the Swiss franc, but today it became clear the US dollar was not going to finish in the same shape. Instead, it dropped further to 0.9987 to finish the week in disappointing style.