U.S. Dollar in Largest Drop against Euro in Two Weeks

Commodity prices have surged again as the U.S. dollar fell the most against the euro in two weeks.

Much of the economic news coming on the same day was a major instigator of the drop in value of the dollar.

Home prices in the U.S. dropped by 16 of 20 regions in the U.S. that were measured, while consumer confidence the country dropped to it lowest in March in five years. Future expectations were at a stunning lowest in 34 years.

"Even though the numbers were so bad, what we are seeing is part of the equity/dollar risk appetite play all of which is suggesting a comfort to take on risk at the expense of the U.S. dollar," said Ashraf Laidi, chief FX strategist at CMC Markets in New York.
Still, according to Laidi, when you consider all the bad news coming, the increase of the euro against the dollar wasn't as significant as it outwardly looks.

At its peak today, the euro increased to $1.5618; up 1.2 percent for the day.

The dollar also fell against the yen, with last results as 100.20 yen, a drop of 0.5 percent. The Swiss franc also increased against the greenback, with the dollar falling 1 percent to 1.0079 francs.