Posted July 10, 2017
This would not be remembered as a great week for the US dollar. Far from it, in fact. We have all the details, but they don’t make good reading.
A good start is always appealing, but we had to do without one against the British pound today. The dollar opened trading on 0.7858 before falling to 0.7851. At least the loss was a small one. The dollar didn’t get a great start against the euro either, with the opening rate of 0.8950 reducing to 0.8938 today. Our third European stop is with the Swiss franc, and the US dollar rose today from 0.9711 to 0.9726 to start the week. However, we were not hopeful this would continue.
More losses for the dollar versus the pound today, as the US currency dipped further to 0.7835. Was this going to develop into a prolonged pattern? We were beginning to wonder the exact same thing against the euro, too, because we had another fall there – this time taking us to 0.8866. A loss was seen against the Swiss franc today, taking the dollar to 0.9649 – below the original starting rate.
We asked a question about the head-to-head between the US dollar and the pound yesterday, and today we had an answer. Another fall was seen, taking the dollar down to 0.7782. Would we have two more falls to contend with before the week was over? The pattern was replicating against the euro as well, because the dollar could do nothing more than slip once again today, this time reaching another low of 0.8791. What else was in store for the US dollar in this disappointing week? We had to wonder, as we’ve had nothing good to report so far. More of the same occurred against the Swiss franc, too, with the dollar reaching 0.9593 here as well.
More bad news today for the American currency as it dipped to 0.7709 against the pound. Could it at least stall the losses to finish the week? The same question would be asked following another loss against the euro today, which took the currency to 0.8761. Another dip also occurred against the Swiss franc, as the US dollar fell to 0.9581 today. Was there still worse to come tomorrow?
We did have a smaller loss against the pound today, but it still was a loss, unfortunately. The closing rate was a disappointing 0.7705. A similar situation was seen against the euro, with very little movement today, although what little there was actually went in favor of the dollar, taking it to 0.8762 as it limped to the end of the trading week, more than a little battered and bruised. With a final rate of 0.9577 against the Swiss franc too, the US dollar had little to celebrate at all this week. In fact, it’s one of the worst weeks in memory as we recall.