Posted November 06, 2017
The US dollar may be one of the world’s strongest currencies, but that did not look certain this week, as it went up against numerous European currencies.
The US dollar started on a rate of 0.7637 against the British pound this week, but it didn’t start the way we would have hoped. By the end of the first day, the dollar was down to 0.7576. Was this a bad sign of things to come? Elsewhere in Europe, the dollar started on 0.8616 against the euro. It dipped here, too, falling to 0.8611 today. At least this was a minor fall. There was more to come against the Swiss franc as well. From the opening rate of 1.0023, the dollar dropped to close today on 0.9992.
Another fall followed yesterday’s disappointing start to the week against the pound. This saw the dollar dip further to 0.7548. Could we stop this, or were we settled into a pattern for the week? We did seem to be falling into a series of drops against the euro, as today saw the dollar dip again to 0.8592. The same seemed true against the Swiss franc as well, as today’s closing rate of 0.9986 proved.
Another dip was seen today as the dollar fell to 0.7525 against the British pound. There seemed to be no way of reversing this trend. However, there was better news against the euro, as the dollar managed to eke out an improvement to 0.8611 here – almost back to where it had started two days ago. We also managed to get back to a good position against the Swiss franc, rising to 1.0024 and sneaking back to parity once again.
While we were expecting another fall against the British pound today, the exact opposite occurred. The US dollar ended up better off on 0.7616, giving us hope for a brighter finish tomorrow, too. After yesterday’s rise against the euro, we hoped we were back on track, but nothing could be further from the truth. Instead of another rise today, the dollar fell to 0.8587, leaving it in an uncertain position ahead of the final day of trading this week. More of the same came against the Swiss franc, although it did stay roughly at parity, settling on 1.0001 today.
More good news to end on this week – against the pound, at least. The American dollar rose to a closing rate of 0.7628, which meant we had almost recouped all the earlier losses seen against the British currency. No such good news was seen against the euro though. Here, the dollar dipped once again to end the week on a disappointing 0.8578. And the week ended with another fall against the Swiss currency, as the dollar fell to finish on 0.9981 today. So, there was some disappointment to be seen this week, proving the US dollar was in something of a struggle against the European currencies.