Posted August 22, 2016
Some weeks should simply be forgotten as far as the dollar’s performance on the currency markets is concerned. Perhaps this should be one of them.
The US dollar had a great start against the British pound today, beginning on 0.7711 and taking that to 0.7752 by the day’s end. Would this bode well for the rest of the week though? We didn’t get such a good start against the euro. Here, we began trading on 0.8962 before dropping to 0.8944 as the day closed. We had another batch of bad news against the Swiss franc as well today, falling to 0.9743 after starting on 0.9758.
After the good start we had against the pound yesterday, we slipped back today. We ended up trading on 0.7707 by the time trading was done for the day. More bad news turned up against the euro too, as the dollar fell further to 0.8853. The dollar clearly wasn’t in its best shape this week as it ended up falling back to 0.9605 against the Swiss franc as well. It was certainly putting itself in a bad position as far as the rest of the week was concerned. Could we turn things around from here?
The dollar had another tough day against the rejuvenated pound today, falling further to 0.7683 as a result. Would this be how the rest of the week would play out? We did at least manage some reasonably good news against the euro, as the dollar improved to 0.8868 today. Could this turn things around for the rest of the week too? We managed something a little better against the Swiss franc as well, increasing to 0.9633 today.
Another drop was on the way today, and it was a big one too – we fell to 0.7602 against the British pound. Could we regain anything at all on the final day of the week? Back to bad news for the dollar versus the euro as well today – it dropped to 0.8833, way below its opening rate for the week. Another drop occurred against the Swiss franc as well, sending the dollar back down to 0.9586 today. With one day to go, was there anything we could do to turn things around and rescue what was looking to be a tough week all told?
At least we ended in better shape against the pound today. We managed to claw back some of the losses we’d experienced and rose to 0.7640 by the day’s end. It was a long way off the opening rate we’d started with, though. We couldn’t regain anything against the euro though, and instead the dollar fell to close out the week on 0.8829. The same picture was played out once again as far as the situation with the Swiss franc was concerned. Here, it dropped once more, this time to 0.9581.