Posted August 08, 2016
Some weeks are tougher than others on the currency markets, and this week looked to be pretty tough for the US currency.
Here we go then, and the US dollar didn’t exactly get off to a great start against the British pound today. From a standing start of 0.7594, it ended up sliding back to 0.7572 by the day’s end. At least it was a small drop. The same story was played out against the euro too, as the dollar opened on 0.8998 and fell to 0.8957 by the end of today. Another fall was experienced against a third European currency too, as the dollar fell from 0.9739 to 0.9680 against the Swiss franc.
More bad news on the cards today for the dollar – it dropped again where the pound was concerned, falling to 0.7532 this time around. Would this pattern be there for the entire week? More of the same was in store against the euro as well, where the dollar slipped back further to close things out on 0.8934. More of the same was also seen against the Swiss franc. The dollar fell to 0.9657 here. Things certainly weren’t looking too good at the moment.
A third drop in a row for the dollar, as it fell to 0.7491 today. Would we be in store for two more bad results on the final two days of the week? The falls were getting smaller against the euro, but the dollar still lost out today, falling to 0.8928 as it did so. We did however have better news against the Swiss franc as we got to 0.9683 today.
Finally, we had some good news today. The US dollar managed to fight back against the pound, taking its exchange rate to 0.7597 as a result. That’s quite a jump up from yesterday, so could we do the same again tomorrow as well? We got some good news against the euro as well, but it didn’t increase its standing quite as well as it had against the pound. It did however finish on 0.8979 today. What would happen on the final day tomorrow? A second good result in a row occurred against the Swiss franc, taking the dollar to 0.9728 in the process. This was marginally lower than our opening rate had been back on Monday morning.
We did get another good result against the pound today, thankfully. We managed to increase our standing to 0.7602 this time, to finish slightly higher than we’d started the week. No such luck occurred against the euro though, as the dollar fell back again to finish on 0.8963 today. That’s slightly lower than we’d started with back on Monday morning. And we finished with another drop against the Swiss franc too, taking the dollar to 0.9727. So it wasn’t a week to be remembered for the US dollar, that’s for sure.