The dollar fell the
most in three weeks after retail sales gained less than forecast last
month, fueling speculation the Federal Reserve is in no hurry to start
raising interest rates.
The greenback snapped a
six-day rally against the euro as a less-robust rebound in the consumer
sector combined with below-forecast jobs growth to add to concern the
slowdown in economic growth may reflect more than the harsh U.S. winter
season. The U.S. currency almost reached a 12-year high Monday versus
the 19-nation euro as investors look for clues on the timing of the
first Fed rate increase since 2006.
The Bloomberg Dollar
Spot Index, which tracks the U.S. currency against 10 major peers,
dropped 0.7 percent to 1,119.30 as of 2:14 p.m. New York time, reaching
the lowest level on a closing basis since March 20.
The U.S. currency
dropped 0.9 percent to $1.0665 per euro. It strengthened to $1.0458 on
March 16, the strongest since January 2003. The currency fell 0.7
percent to 119.30 yen.
Source : Bloomberg
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