Posted May 31, 2017
We would not see much good news for the dollar this week, as soon became clear against the European currencies.
The US dollar began trading on 0.7777 against the British pound, and we didn’t get off to the best start, falling to 0.7740 by the end of the day. At least the drop was a small one. We also saw much the same result against the euro to start the week. The dollar began on 0.9194 before dipping to 0.9114 today, so we had a hill to climb right from the start here, as well. More of the same occurred against the Swiss franc, as the dollar fell from 1.0079 to 0.9974 today.
After yesterday’s drop, we managed better today, rising to 0.7764 and nearly regaining our losses from yesterday. However, did this bode well for the rest of the week? It was too early to tell. We couldn’t lay claim to a good result against the euro today, though, as we dipped to 0.9042 today. Was this the beginning of a pattern that would be set in stone this week, with no good news to come at all for the US dollar? There was no good news against the Swiss franc today either, as the dollar fell to 0.9908.
Another fall was in store for the dollar today, taking it down to 0.7712 against the British pound. We were beginning to wonder whether this meant the pound would get the better of us across the entire week. It was still too early to get a definitive answer. Yesterday, we speculated about the idea of further drops for the US dollar versus the euro, and we had that exact pattern in place today, too. We fell below the 0.90 mark today, too, going to 0.8995 by the day’s end. More of the same happened as the dollar dropped to 0.9825 against the Swiss currency, too.
Another drop occurred today, and it meant we were starting to realize the dollar wasn’t going to get the better of the British pound this week. It fell to 0.7670, more than a cent lower than it had been at on Monday morning. If we thought yesterday’s rate was a new low, we were hit with much the same again today. The dollar fell to 0.8985, with still one more day to go and no sign of any improvements at all thus far. And we had another drop to 0.9770 against the Swiss franc, as well.
Finally, we managed to eke out some improvement today, as the dollar rose marginally to 0.7684 against the British pound. However, this was still down on the week. We also dropped again as far as the euro was concerned, as the dollar fell to 0.8945. The lowest rate of the week – 0.9769 – was also seen today, as the disappointing week came to an end.