Posted November 16, 2016
This week would start in one way and end in another, as we are about to find out.
The dollar started well against the British pound, at least, going from an opening rate of 0.8005 to 0.8049 today. Was this a good omen for the remainder of the week? We had a similar good sign against the euro, as the dollar opened trading on 0.9014 before rising to 0.9039 to close out the day. And we could have predicted what we saw against the Swiss franc too – a rise from 0.9712 to 0.9753 today.
More of the same for the dollar today, as the currency rose against the pound and finished the day on 0.8071. The rate of improvement had slowed, but it was still good news. There was a similar picture against the euro too, as the dollar moved ahead to 0.9059 but had a smaller improvement today. Once again, we had the exact same thing against the Swiss franc, where the US dollar moved ahead to 0.9764 today.
The improvements were slowing down still today, as the dollar edged ahead of the pound on 0.8077. Did this mean we were heading for disappointment as the week wore on? We would soon find out. More of the same was seen against the euro, and here the dollar moved to a closing rate of 0.9072 today. Could this be as good as things would get this week? We did well against the Swiss franc too, increasing by 0.285% to achieve a closing rate of 0.9792 by the end of the day.
Finally, we had it – a drop against the pound that we could almost have predicted yesterday. It wasn’t much – a drop to 0.8057 – but it made us question what the rest of the week, the final day, had in store. We may have expected the same against the euro, but it didn’t happen. Instead, another rise was seen that took the currency to 0.9178 today. Four out of four good results – what would happen tomorrow? The best result yet came against the Swiss franc today, which meant the dollar closed the day on 0.9877. How would the final day of the week go here?
Today, we had the real bad news – a fall to 0.7899 against the British pound, and a drop of 1.96% at the same time. It was the worst day of the week and clearly meant the dollar had finished on a bad note. What would next week have in store, we wondered? Today was the day we had a drop against the euro, and in doing so we saw the dollar fall back to 0.9170. At least the drop was a small one in the scheme of things. And finally, a drop came against the Swiss currency too, as the dollar fell to 0.9842. At least the fall here wasn’t as pronounced as it could have been.