U.S. Dollar at 2014 Low as Retail Sales Decline

The dollar fell to the weakest level of the year after retail sales unexpectedly declined amid signs that adverse-weather conditions are weighing on economic growth as yet another storm battered the eastern U.S.

The Swiss franc rose against all but one of 16 major peers and the yen strengthened as stocks in Europe and Asia fell amid increased demand for haven assets. Australia’s dollar dropped for a second day after unemployment jumped to a 10-year high. The greenback slipped the most in three weeks versus its European counterpart.

“The bad weather is affecting the U.S. data, it’s affecting sentiment, and it’ll put pressure on the dollar,” said Kazuo Shirai, a trader at Union Bank NA in Los Angeles. “The trend for dollar buying we’ve seen up to now seems to have hit a wall.”

Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.