Posted September 12, 2016
You just didn’t know where you were headed with the US dollar this week, as we’re about to find out.
The week didn’t start well for the US dollar – not against the British pound anyway. From a starting rate of 0.7527, it soon dropped back to 0.7497. How would this play out for the remainder of the week? We had a better start against the euro, where the dollar managed to edge up from 0.8934 to 0.8963 today. Where would things go from there though? Next up is the Swiss franc, and the week began with a slight rise against the European currency, heading from 0.9790 to 0.9792 here.
Another fall occurred against the British pound today, as the dollar slipped back to 0.7485. We fell against the euro too after yesterday’s good rate. Today we dropped back to 0.8961, although it was still better than the opening rate had been. We may have started cautiously against the Swiss franc yesterday, but today was a different matter. The dollar dropped back to 0.9788 today.
Things weren’t looking up for the dollar, as the pound once again got the better of it this time around. It ended up on 0.7472 today, giving us cause to worry about the remaining two days of the week. Another fall was in store against the euro as well, as the dollar dropped lower to 0.8899. With two more days to go, would we manage to claw back those losses? We had more of the same against the Swiss franc as well, and as a result the dollar fell to 0.9692 today.
Finally, we had good news against the pound today. After three poor days, the dollar managed to push ahead to close things out on 0.7485. Would it grab another good result tomorrow to try and turn the whole week around? We couldn’t say the same against the euro though, as the dollar fell to 0.8852, which was the lowest rate of the week so far. Where would things go tomorrow? We still had two days of trading left against the Swiss franc as well, but today was definitely not the day to achieve anything of note. In fact, the dollar slid to 0.9664 today – the lowest result thus far.
Well, we did get more good news against the pound today, but it wasn’t quite enough to wipe out all the losses so far. We finished on 0.7504 though, so it could have been a lot worse overall. We did finally get some good news against the euro though, as the dollar moved up to 0.8874 today. It was still lower than it had been on Monday morning though. And we could say the exact same thing with regard to the dollar’s position against the Swiss franc, which finished on 0.9734 today. So it really had been a mixed week for the dollar. Whether that would continue into the next week or not would remain to be seen.