Posted November 08, 2016
After some encouraging results of late, the US dollar had a much tougher time of it this week. How tough would it be?
After some good weeks against the British pound, the US dollar didn’t get the best start this week. It dropped from 0.8231 to 0.8226 today, making us wonder how the remainder of the week would pan out. We’d soon have our answers. Meanwhile, the dollar had a bad start against the euro too. Here, we opened trading on 0.9155 before slipping back to 0.9135 by the close of play. Finally, we should look at how the dollar did against a third European currency – the Swiss franc. We opened trading on 0.9938 here before dropping to 0.9884, indicating things would be tough here as well.
After yesterday’s disappointing start, more bad news was on the way today for the dollar. The British pound was doing well, and that meant the dollar fell further today, reaching 0.8178 by the day’s end. Another drop came against the euro, as it became clear the US dollar was having a frustrating week. This took us back to 0.9070 today. Another fall was experienced against the Swiss franc too, as the dollar fell to 0.9816. Would this pan out for the remainder of the week here as well?
Two days and two drops for the US dollar versus the pound, and today brought an even bigger drop – this time to 0.8117. Would we end up dropping further still in the two days that remained to us this week? We’d soon have an answer, even if it wasn’t the one we wanted. We didn’t get a good result against the euro either today, as we slipped further to 0.9013. More of the same was lined up against the Swiss franc, as the dollar fell to 0.9722 today.
More bad news for the dollar today as it experienced the biggest drop yet against the resurgent pound. This took it to a low of 0.8013 today, with still one day to go until the end of the week. Finally, though, we had a better result against the euro, regaining some of the losses we had seen over the past few days. This meant we clawed our way back to 0.9038 by the day’s end. Another better result was seen against the Swiss franc, as the dollar edged ahead to 0.9749. Would this lead to something better tomorrow as well?
We had another drop against the pound today, although at least the rot was slowing down. This gave us a closing rate of 0.8005 to finish a disappointing week. After yesterday’s rise against the euro, we hoped to achieve the same today. However, the euro had other things in mind as the dollar dipped again, this time to 0.9014. More of the same was seen against the Swiss franc too, as it fell to the lowest rate of the week on 0.9712. Not a week to remember for the dollar, then.