Posted October 17, 2017
Be warned – it will be hard work looking for any semblance of good news on the currency markets as far as the American dollar is concerned this week.
The week began with the US dollar standing on 0.7647 against the British pound. It didn’t begin how we wanted it to though, with the dollar sliding to 0.7596 to close out today. Was this a sign of disappointing things to come? We soon found ourselves wondering the same against the euro, because the dollar didn’t start well here, either. Instead, it dropped from the opening rate of 0.8541 to 0.8513 today. Another loss – by now, not really a surprise – came against the Swiss franc today, to send the opening rate of 0.9800 to 0.9788 for the US dollar.
After yesterday’s drop, we had more of the same against the British currency today. Sadly, that meant the dollar slid to 0.7579 today, making us wonder what the rest of the week had in store. Another fall also came against the euro, which pushed the US dollar back to 0.8476 today. Would there be more to come throughout the remainder of the week too? We were soon wondering the same against the Swiss franc, which today sent the dollar back to 0.9766.
Better news today, finally, as the dollar perked up and pushed back against the British pound. This led to a closing rate of 0.7583. It was a mild improvement, but at least we had some good news at last. No such good news was seen against the euro though, because the dollar fell once again today, this time to 0.8453. Another fall was also in store for the US dollar against the Swiss currency, as the dollar slipped back to 0.9741.
The good news from yesterday was backed up by more of the same today, as the dollar put in another good performance to end on 0.7610 against the British pound. Could it regain Monday’s opening rate by the time the week was over? We were not thinking the same against the euro, because another drop today took the dollar to 0.8434. Instead, we began to wonder whether we could stall the losses at all. We did finally get some good news against the Swiss currency though, as the American dollar perked up to 0.9743 today. Only a small improvement, but it was good enough given the week we’ve had so far.
Sadly, we couldn’t continue the good results of the last two days to finish the week in style. Instead, the dollar ended on 0.7534 today, meaning it had lost just over a cent against the pound this week. Finally, we had to wait all week, but we had an improvement against the euro today, to 0.8467. This was better than yesterday, but too little too late as far as the whole week was concerned. We could say the same of the improvement against the Swiss franc as well, which took the dollar to 0.9765 to close today.