Posted November 08, 2016
Times were complex for the US dollar this week, as the other European currencies gave it a run for its money.
Okay, so let’s see how the US dollar did this week. The dollar began on 0.8205 against the British pound, before falling today to 0.8173. Was this the start of a real bad week? We had more of the same against the euro, as the dollar fell from its opening rate of 0.9186 to 0.9181 this time. Now we have our third stop in Europe, which is the Swiss franc. The US dollar started on 0.9943 before falling back a little to 0.9935.
Better news was noted against the pound today, as the dollar pushed back to achieve a closing rate of 0.8185. The same pattern played out against the euro too, as the dollar increased its position to 0.9197. The good news continued in a third location, because the dollar also did well against the Swiss franc, taking its exchange rate up to 0.9977 in the process. It was now getting very close to parity. But would it achieve it by the end of the week?
A small improvement today for the dollar, as it edged ahead a little more to 0.8189. What would happen now? This was where things split though, because the dollar didn’t do as well against the euro, where it fell back to 0.9153. Another drop came the way of the dollar against the Swiss franc, as the exchange rate changed to 0.9920 today.
Finally, and perhaps predictably, we saw a loss against the British pound today. The dollar finished up with a rate of 0.8159, which was getting closer to the opening rate we’d had at the start. Could the dollar hold onto a better rate for the last day of trading? The pattern did hold out against the euro as well, where the dollar fell to close things out on 0.9151 today. This was lower than the opener had been, so were we in for more of the same bad news tomorrow? The falls were stalling against the Swiss franc, but we still had one today as the dollar fell to 0.9918.
Finally, we had a better day to finish on today. The dollar was able to get the better of the pound and the closing rate went up to 0.8231 – slightly better than Monday’s opener had been. We posed a question for the dollar versus the euro yesterday, and today we had an answer. Although the dollar did do a little better today, it wasn’t enough to regain the opening rate seen on Monday morning. Instead, the dollar fell to 0.9155. But we did have better news against the Swiss franc, as the dollar perked up a little to finish the week on 0.9938. However, this was still a little lower than the dollar had achieved earlier in the week.