Posted June 05, 2017
This week would prove to bring a mix of results for the US currency. As we will soon see, even one loss during the week can prove to be enough to damage the currency’s standing.
The dollar experienced a drop against the British pound to begin the week, falling from 0.7787 to 0.7784 this time around. Would this be a precursor to other results still to come? Onto the euro now, where the US dollar started trading on 0.8931 today. It did better here, rising to 0.8938 before the day was over. There was a better day against the Swiss franc too. The dollar began on 0.9724 before rising to 0.9742 to close out the first day of the week.
Another fall came against the pound this week, as the dollar fell further to 0.7768 today. This was a bigger loss than we’d seen yesterday, so was there worse to come? More good news showed there was a different picture emerging against the euro though, as the dollar edged up to 0.8950 today. The same pattern was seen against the Swiss franc, as the dollar managed to achieve a closing rate of 0.9758 today.
Finally, a rise against the British pound. The dollar edged ahead to 0.7785, which almost took us back to the opening rate for the week. What could we achieve in the two days remaining to us to work with? Ironically, we finally had a fall against the euro today – the first one of the week – taking us down to 0.8911. Would it surprise you to learn the pattern was replicated against the Swiss franc, where the dollar fell to 0.9710 today?
We were disappointed to see another drop against the pound today – this time to 0.7775 – after yesterday’s more encouraging result. We had no idea what to expect on Friday, or whether the US dollar would end up better off than it had been on Monday morning. Back to good news against the euro today, though, as the dollar increased to send it back up to 0.8913. It may only have been a small increase, but it was better than losing more ground. We couldn’t have that good news against the Swiss franc though, because we finished on 0.9700 here.
A slight rise against the pound closed the week here on 0.7779, but this didn’t take it back to its opening rate, so we had to settle for a disappointing performance overall. It is always good to end on a solid note, and we managed to do that against the euro at least. The dollar finished trading on 0.8915 today, although this was just shy of the opening rate on Monday, so overall, that single loss on Wednesday had done more damage than was at first evident. We did have better news against the Swiss franc, ending on 0.9711 here, although this was lower than the opening rate had been.