Posted January 16, 2017
This week looked promising to start with. It ended up being anything but. While some weeks result in the US dollar coming out on top, it was difficult to see whether this would be the case when things got underway. You’re about to see what happened next.
We had an excellent start against the British pound this week, rising from the opening exchange rate of 0.8088 to a day-ending rate of 0.8240. How much further could we go over the remaining days of the week, we wondered? The dollar got started on 0.9443 against the euro, and it did well on the first day too. By the time the markets closed, it was up to 0.9509. Our third European currency to look at is the Swiss franc, where the dollar began trading on 1.0128 this week. We had an encouraging start here as well, rising to 1.0194.
Yesterday was encouraging, for sure, but today not so much. The dollar dropped back to 0.8227 against the British pound. A similar picture cropped up against the euro as well, as the dollar fell back to 0.9463 today. Once again, we had the same against the Swiss franc, seeing the dollar fall to 1.0160.
Better news against the pound today, as the dollar edged ahead to 0.8257 by the day’s end. The pattern continued against the euro as well, seeing a rise to 0.9521 to close out the third day of the week. The same was repeated elsewhere in Europe as the dollar achieved a closing rate of 1.0207 against the Swiss currency. What would the rest of the week reveal to us?
We didn’t know what to expect against the pound today after the highs and lows seen so far, and now we had another loss to contend with. The dollar finished on 0.8132 this time around. Where did that leave us with just one day to go? We had a big drop against the euro as well, and this left us stalled on 0.9364 today. That was a big difference from yesterday’s rate, so what did the final day have for us? There was another significant drop against the Swiss franc as well, taking the dollar back to 1.0058 and very close to parity in the process.
Unlucky for some, but Friday 13th was lucky for the dollar as it rose to 0.8211 against the British pound. This was a great outcome and a good finish to the week. We did edge ahead to 0.9379 against the euro, but that still meant we were down on the week’s opening rate this time. The dollar also managed to edge up slightly against the Swiss franc, closing the week on 1.0062 in the process, but there was little to celebrate. This was also lower than the dollar had started on this week.