The US Dollar is weak already and getting worse right now. So what is the extent of risk appetite’s influence over the US dollar? Considering yesterday’s reaction to the far-better than expected outcome for the retail sales report (an indicator that has proven itself a market mover in the past), it would seem that the influences of investor sentiment are more pervasive than many had expected.
Even with the good news, the currency closed at its lowest level on a trade-weighted basis since September 22nd of last year. The greenback suffered a less dramatic fate against its major-counterparts. EUR/USD was the standout, reaching yet a new high for the year and subsequently eating up the spike back on December 18th that brought the initial post-financial crisis reversal to an abrupt end. In contrast, USD/JPY and GBP/USD closed positive session for the dollar while the commodity bloc maintained moderate ranges.
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