Posted October 11, 2017
Some trading weeks present clear patterns to follow. This would not be one of them.
The US dollar began trading on 0.7359 against the British pound, but this improved to 0.7386 by the time the day was done. It was a good start, but would things continue in the same manner? The dollar managed to do well against the euro as well today, as it started on 0.8359 and finished on 0.8369. Did this set up the American currency for a good week ahead? The dollar didn’t open well against the Swiss franc though, as it started the day on 0.9596 and ended it on 0.9594. At least the loss was a small one.
We asked a question yesterday of the situation between the dollar and the British pound, and today the answer proved to be yes. The dollar rose again, this time to 0.7402. Bad news came against the euro though, as the dollar stalled and fell to 0.8352. Better news for the dollar versus the Swiss franc, however, because the dollar rose to 0.9634 by the end of the day.
We had to see a drop against the pound sooner or later, and today proved to be that day. The dollar slid to 0.7385, so it was a mild drop and nothing too bad. More of the same came against the euro, as the dollar dipped once again to 0.8328 today. Was it now on a permanent slide this week? This was a real up-and-down week against the Swiss franc though, which meant today was a down day. This resulted in a closing rate of 0.9604 this time.
Back to good news today against the pound, as the US currency rose to 0.7412. With one more day to go, could it rise further tomorrow to make it a good week? Finally, some better news against the euro, as the US dollar increased its standing to 0.8399 today. Back to an up day for the dollar versus the Swiss currency, and it was a very good day too – the best yet. This meant the American currency closed things out on an encouraging 0.9731.
We were hoping for a rise against the pound today, but that wasn’t what happened. Instead, the dollar dipped to close things out on 0.7370, but this was at least slightly higher than Monday’s opener had been. There was a fall to finish the week against the euro too, which meant the dollar ended things on 0.8360 here – just slightly higher again than Monday’s rate. We were expecting another dip against the Swiss currency to keep the seesaw pattern going, and that is exactly what happened. However, it still put in a good performance from Monday to Friday, because the closing rate today was 0.9688 – better than we’d started out with back on Monday morning.