Posted June 26, 2017
Every week presents a new challenge for the US dollar, but would its performance this week be enough to achieve the results we were hoping for? Or would there be disappointments in store for us?
We were hoping for a good start, but we didn’t get it against the British pound, at least. Instead, the US dollar fell from 0.7831 to start the week to 0.7814 to finish today. Hopefully, it would improve on that as the week continued. It had a similar start against the euro, too, opening on 0.8954 and falling to 0.8929 by the day’s end. Another drop was in store against the Swiss franc, as the US dollar opened on 0.9747 before falling to 0.9706 today.
Today, we did get better news against the British pound. The dollar closed on 0.7900 – better than yesterday’s opener had been. The pattern was repeated against the euro as well, where the dollar increased to 0.8963 today. And once again, things looked brighter against the Swiss franc, as the dollar moved up to 0.9729.
Back to bad news for the dollar today, as it dropped to 0.7877 against the pound. At least the losses were as low as possible. The news was more encouraging against the euro, though, as the dollar continued to do well and rose to 0.8971 today. More of the same was in store against the Swiss franc, too, as the dollar moved ahead to finish the midweek point on 0.9739. Would it be possible to keep this up though?
Today, the dollar recovered some of the ground it had lost yesterday against the pound, rising to 0.7893 as it did so. With one day left to trade, could it repeat that feat tomorrow? Once again, we had a reversal of fortunes against the euro, as the dollar stalled and fell to 0.8953 today. Where would this leave it at the end of the week? We wondered the same when the dollar fell against the Swiss currency today, ending on 0.9729 as a result.
Finally, we have our closing rate for the week against the British pound. The dollar closed on 0.7858 today, which was lower than the peak but higher than Monday’s opener, so that was something to celebrate, at least. We were hoping for better news than we had yesterday against the euro, but we were not as lucky. Instead, the dollar fell again to close the week on 0.8950 – just slightly lower than the opening rate had been on Monday. And more of the same was seen against the Swiss franc as well, as the dollar finished on a disappointing 0.9711 – once again, lower than it had opened trading on back on Monday morning. It had not been the best week for the US currency, as it was now clear. Perhaps next week will be more promising.