The world's reserve currency slipped in value on Thursday amid inclement weather and underwhelming economic data about retail sales last month, Bloomberg reports.
Congestion is snarling cities along the Eastern Seaboard and many southern U.S. residents are without electric power, consequences of winter storms wreaking havoc, which include weather advisories and alerts. Washington is bracing itself for as many as eight inches of snow on Thursday, which prompted the cancelation of Congressional testimony by Chair Janet Yellen with the U.S. Federal Reserve, whose appearance before the U.S. Senate Banking Committee was pushed up.
"The bad weather is affecting the U.S. data, it's affecting sentiment, and it'll put pressure on the dollar," trader Kazuo Shirai with Union Bank NA in Los Angeles told the news source on Thursday. "The trend for dollar buying we've seen up to now seems to have hit a wall."
The U.S. dollar fell roughly 0.6 percent against the common currency of the European Union. Its losses against the Japanese yen rose as high as 7 percent.
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