Posted June 20, 2017
We did indeed have some good news to share this week, along with some bad, as the US dollar went face-to-face with some European currencies.
Today, the US dollar opened trading on 0.7841 against the British pound. It ended in better shape on 0.7891, putting on a half-cent as it did so. How would this bode for the rest of the week? Let’s look at the dollar’s performance against the euro now, where it had a poor start – falling from 0.8947 to 0.8911 today. How would this progress throughout the remainder of the week? We had a similarly poor start against the Swiss franc, too. Here, we opened on 0.9719 before dipping to 0.9675.
After yesterday’s good start, we were brought back down to earth today as the dollar dipped to 0.7851, wiping out most of the improvement it had made against the pound yesterday. We had better news to share with the dollar rising to 0.8915 against the euro, though – even though this was a small change, it was going in the right direction. More bad news came against the Swiss currency, as the dollar fell further today, ending it on 0.9672. Would this pattern play out for the rest of the week as well?
More bad news for the dollar today, as it fell against the pound once more. Fortunately, it only did so by 0.006%, which means for our purposes, the exchange rate of 0.7851 stays the same. The better news continued against the euro, though, as the dollar managed to edge ahead to 0.8926 today. Could we make it two more good days as well? Finally, we had some good news against the Swiss franc, as the dollar moved up to close today on 0.9706.
Today, we did see a drop in the figure the US currency finished on against the pound. The dollar fell to 0.7848, making this the third day running it had experienced a drop. Would it be four in a row by the end of the week? We did manage another good performance against the euro, as the US dollar moved up to 0.8955 today – the best rate so far this week. Would this continue for one more day? We seemed to have turned a corner against the Swiss franc as well, because the dollar moved up to 0.9738 after the end of today.
Finally, we realized the dollar didn’t have what it took to get a good result against the British pound this week – despite all the election drama in the UK. Instead, the dollar stalled on 0.7831, although at least the losses were smaller than they might have been. The dollar didn’t quite manage to hang onto its best rate against the euro though, instead slipping to 0.8954 today. This was still better than the opening rate had been, however. We finished in good shape against the Swiss franc, though, rising to the best rate of the week to close on – 0.9747 here.