Posted February 08, 2017
Some weeks are better than others for the US dollar, but this one turned out to be one of the more challenging ones, as we would soon find out.
The US dollar stood at 0.7973 against the British pound as the week got started, before rising to 0.7990 that night. Was this a good omen or just a good start for the week? We’d soon find out more. The dollar started on 0.9362 against the euro this week, before rising to achieve a closing rate of 0.9407. Would we do well here too, then? We got another good start against the Swiss franc too, rising from 1.0007 to 1.0036 today.
Another improvement for the dollar versus the pound today, as the former increased against the latter and rose to 0.8006 in the process. The same couldn’t be said of the dollar versus the euro, where the latter pushed the dollar down to 0.9298 today in a fall of 1.162%. We also had a fall against the Swiss franc that meant we ended up on 0.9919.
After yesterday’s rise, we thought we’d see the same today against the British pound. But it didn’t happen, and instead, the dollar dropped to 0.7916. Another drop occurred against the euro too, as the dollar fell further to 0.9267 today. The pattern played out once again where the Swiss franc was concerned, too. We’d half-expected it, but the reality saw the US dollar fall to 0.9898 today. Where would we end up once the final two days of the week were over?
Would we get a good finish to the week against the pound? Today was going in the right direction, as the dollar hit 0.7963 by the day’s end. Just one more good day would make this a good week for the American currency. We were half-expecting another drop against the euro and that’s exactly what happened, as the dollar fell back to 0.9252, leaving us a lot to hope for if we wanted to achieve a good week overall. Another drop happened against the Swiss currency too, but it was a smaller one, taking the dollar to 0.9890 for the end of the day.
We wanted a good finish and we got it – rising to 0.8007 and getting the best rate of the week on the final day of trading against the British pound. Could we do as well elsewhere too? The dollar did manage to wipe out some of its previous losses against the euro this week, but there was still a lot to contend with. It finished on 0.9310, so it was up to a level that was better than the low point of the week, at least. Finally, we had a good result – the first one since Monday – against the Swiss franc. We finished on 0.9957 here, so again we had a bad result overall this week.