Posted February 08, 2016
It’s hard to believe January is over already, but it is, and here we are ready to navigate our way through a fresh month. Will the US dollar be in a strong position to start the month, or will there be other possibilities in store?
The dollar didn’t have the best start to the month – not in terms of its association with the British pound, anyway. It was worth 0.6997 on Monday morning, but by the evening it had dropped slightly to 0.6991. Was it the beginning of a slippery slope? Things looked slightly better to begin with against the euro, as the dollar opened on 0.9157 and moved ahead to 0.9187 by the close of play today. We were back to bad news against the Swiss franc to begin the week though. The dollar started on 1.0205 and fell to 1.0194 by the end of the day.
That slippery slope continued for the dollar on Tuesday. It dropped to 0.6947 against the pound. After yesterday’s good start against the euro, a very different picture started to emerge today. The dollar dropped back to 0.9158, making us wonder whether the overall trend here would be down as well. There was a better result against the Swiss franc, however, as the dollar climbed to 1.0208 today.
Another drop for the dollar today, as the pound continued its strong performance so far. As a result, the US dollar ended up on 0.6890 today. It was another bad day against the euro though, as the US dollar fell further to 0.9146. At least these drops were relatively small in nature. Another fall was in store against the Swiss franc as well, as the dollar dropped yesterday’s good performance and ended up on 1.0166 today.
Today would make the fourth drop in a row for the US dollar versus the pound. This brought the dollar down to 0.6835 – more than one and a half cents down on Monday’s opener. We saw another drop against the euro as well, this time to 0.8923. This was the biggest drop so far this week. Would we see another of the same size tomorrow? Another major drop was seen against the Swiss franc as well. This time the dollar was pushed back to 0.9966.
Finally, the dollar had some good news today as it rose to 0.6871 against the pound. It wasn’t enough to stem the losses from earlier in the week though, as the dollar finished down overall. We also saw a slight rise against the euro – finally – but it was not enough to grab back all the losses of the past few days. Instead, the dollar edged up to 0.8926 to close out the week. The last result we have to bring you this week is also a disappointing one. The dollar finished on 0.9909 against the Swiss franc, which showed just how bad things could get – this week at least.