Posted July 31, 2017
This was not going to be a good week for the dollar. This became clear very quickly as the week began.
The US dollar started the week on 0.7707 against the British pound. Sadly, it didn’t begin well, dropping to 0.7657 today. Would that mean the rest of the week would be a disappointment too? We’d soon know the answer to that one. Meanwhile, the US dollar began trading on 0.8760 against the euro, before falling to close today on 0.8724. Did this indicate yet another bad week ahead? We were wondering the exact same thing with the US dollar’s opening performance against the Swiss franc, too, as the dollar started on 0.9681 before dropping to 0.9607.
Better news against the pound today, because the US dollar moved up to regain some of its losses, closing the day on 0.7683. We didn’t get the same good news against the euro though, as the dollar fell to 0.8654 here, giving us two bad days in a row. What would happen next, we wondered? We had another fall against the Swiss currency as well, taking the dollar back down to 0.9541 today.
We were encouraged by yesterday’s result against the pound, but not today’s. Instead of improving, the dollar fell back again – this time to 0.7672, so at least the damage was minimal. Finally, today was the day we had a better performance against the euro. We managed to close the day on 0.8670, so while it was not a huge improvement, it did take us in the right direction. Not so the performance against the Swiss franc, though. Here, the dollar ended up lower still today, finishing on 0.9532. This was not going to be an encouraging week, that much was clear already.
We were up for another better day today, continuing the up-and-down pattern we’d seen throughout the week. We finished on 0.7724 against the pound, so could the US dollar put in one more good day tomorrow? A second good day in a row occurred against the euro, as the dollar managed to edge up to close on 0.8707 today. Finally, today would be the first day this week where the dollar improved against the Swiss currency. Not by much, though, as the US dollar edged ahead to 0.9611. Could it manage anything better for tomorrow?
Another fall occurred today, and that meant we ended any chance of the US dollar finishing up on the British pound. Instead, it ended the week on 0.7697. While we hoped for better against the euro, we had the worst rate of the entire week to contend with today. We finished on a hugely-disappointing 0.8589 today, giving us the worst rate for the whole week. It was back to bad news against the Swiss franc as well, because the dollar fell again today, to land on a week-long closing rate of 0.9492.