NEW YORK (APP) – The dollar dipped against the euro Thursday, reversing some of the prior day’s gains amid poor US retail sales data.
“A little fatigue caught up with the speedy US dollar, pulling it below its strongest level in a dozen years versus the euro and a currency basket,” said Joe Manimbo of Western Union Business Solutions.
The euro had fallen below $1.05 briefly in Asian trading before reviving somewhat. The 19-nation currency has been under additional pressure after the European Central Bank launched Monday its 1.14 trillion euro quantitative easing program to boost growth in the tepid eurozone economy.
A third straight month of falling US retail sales in February was in part blamed on severe winter weather. Most analysts said the bad data was unlikely to dissuade the Federal Reserve from pursuing its plan to lift near-zero interest rates, perhaps as early as June.
According to Boris Schlossberg of BK Asset Management, traders had taken a pause after days of relentless dollar buying to lock in profits and square their positions.
The dollar weakened against other major currencies, excluding the British pound.
2100 GMT Thursday Wednesday
EUR/USD 1.0636 1.0548
EUR/JPY 129.00 128.10
EUR/CHF 1.0660 1.0648
EUR/GBP 0.7147 0.7066
USD/JPY 121.29 121.44
USD/CHF 1.0023 1.0094
GBP/USD 1.4882 1.4929
