Posted December 12, 2016
Some weeks are borne of greater struggles than others, and it looked as though this might be one of them.
The US dollar started the week on 0.7921 against the British pound, but didn’t start it well. Instead, it dropped to 0.7864 today. So, where would the rest of the week take us? We would soon find out. The same drop was seen against the euro to start the week too for the dollar. The opening rate of 0.9396 soon dropped to 0.9344 which was hardly the best start for us. Finally, the Swiss franc also got the better of the dollar as the American currency dropped from 1.0102 to 1.0088 today.
Another slight drop was on the cards for the dollar today, as it slid further to 0.7845 against the British pound. Were things about to turn in our favor? It was too early to say yet. A similar drop occurred against the euro, as the dollar fell back to 0.9316 today, so the pattern was continuing for the moment here at least. We did buck the trend against the Swiss franc, anyway, because the dollar moved slightly ahead to 1.0092 today.
Finally, some good news for the dollar. It reached a better rate of 0.7930 against the British pound, and with two more days to go we were hopeful that maybe we could do better still in the remaining time left to us. We had a good result against the euro too, but only marginally, as we crept up to 0.9319 by the close of play today. It remained to be seen whether there was better news yet to come. Another slight improvement came against the Swiss franc too – two in a row, now. This took the dollar to 1.0096 today.
Back to bad news today, unfortunately. The dollar slipped back to 0.7897 against the pound, which was lower than the opening rate had been on Monday morning. With one more day left, was another drop still to come? The same thing happened against the euro as the dollar slipped to 0.9291 today with just one more day left to trade to make a difference. And we saw a drop against the Swiss franc too, letting the dollar fall to 1.0084 in the process.
We’ve heard the saying about saving the best for last, and that has happened here. The dollar edged ahead to 0.7949 against the British pound, which meant it did finish in slightly better shape than it had started on Monday morning. We had an even better result against the euro, because the dollar managed to perk up to 0.9470 today – a significant leap up from yesterday and better than Monday’s opener, too. We were able to perform the same trick one more time against the Swiss franc as well, as the dollar edged ahead to reach a week-long high of 1.0186 today.