Posted May 02, 2017
Some weeks do not go your way, and this accurately described what the US dollar went through this week.
As the week began, the US dollar stood at 0.7825 against the British pound. However, that didn’t last long, and by the end of today, the dollar was lower at 0.7819. At least the loss was small – but would it stay that way? There was another loss to contend with in Europe, too – this time, against the euro – as the dollar opened trading on 0.9347 and closed it on 0.9218. This was not looking like a great week for the American currency. We were far from surprised when it fell from 0.9983 to 0.9961 against the Swiss franc today, too.
After yesterday’s mild loss against the pound, the dollar fell further today. It closed on 0.7798, which was a bigger drop than we had seen on Monday, and made us wonder whether further losses were on the way. With three days left, there was still time to stem those losses if possible. More of the same occurred against the euro, too, with the dollar slipping to 0.9181 today. And the pattern continued against the Swiss franc, with the dollar taking another loss and falling to 0.9940 today.
We were getting used to a pattern of losses against the pound this week, and we had another one today as the dollar dropped to 0.7794. The same could be said against the euro, although we did at least minimize the fall today, stalling it to 0.9180. We reversed the trend against the Swiss franc, though, as the US dollar crept up to 0.9946 today. Was this a good sign that would lead to further improvements tomorrow, no matter how slight?
More of the same for the US dollar today, as it fell against the British pound, hitting 0.7758. With just one day to go, could we stall these losses? We finally had some mild good news against the euro, though, as the dollar rose to 0.9190. Was this the start of a resurgence to take us through the end of the week? We had asked that same question against the Swiss franc yesterday, but the answer we got was far from being a good one. Instead, the dollar fell to 0.9943 today – a small drop, but it was still a drop we could have done without.
Somehow, we knew the dollar would lose out against the pound today as well. And so it happened, with the US dollar closing out the week on 0.7728 today. The resurgence we hoped for yesterday didn’t materialize today, though, as the dollar fell to a closing rate of 0.9149 against the euro. And once again, there was bad news for the American currency versus the Swiss currency, as the latter pushed back the dollar to 0.9909 – the lowest rate in a disappointing week in this part of the world, and elsewhere too.