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.”
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015