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Dollar Climbs On Sales Of New Homes In U.S.

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Dollar Climbs as Sales of New Homes in U.S. Unexpectedly Hit to Five-Year High

Dollar climbs as sales of New Homes in U.S. unexpectedly hit to five-year high yesterday.

On Wednesday, a popular gauge of the dollar's strength hit a two-week high, adding to gains in the wake of a report that showed the fastest pace of new-home sales in more than five years. New-home sales jumped 9.6% in January to a seasonally adjusted annual rate of 468,000, data released Wednesday showed. Economists polled by Market Watch had expected a third-straight month of declines to a rate of 405,000. The ICE dollar index DXY +0.42% , a gauge of the U.S. unit's strength against six other currencies, rose to 80.461 on Wednesday (from 80.158 late Tuesday), the highest level since Feb. 12.

German consumer morale rose to its highest level in seven years heading into March as shoppers in Europe's biggest economy became more upbeat about their future income. GfK market research group said on Wednesday its forward-looking consumer sentiment indicator, rose to 8.5 going into March from an upwardly revised 8.3 the previous month. That was the highest reading since January 2007 and beat the consensus forecast in a Reuters poll of economists for 8.2.

UK Q4 GDP second reading came in at 0.7% which was as expected, causing the Gbp/Usd to move away the 1.6700 level. Precisely, UK Gross Domestic Product data has just been released for Q4 2013, the Year on Year figure came in at 2.7% against a consensus estimate of 2.8% and a prior of 1.9%. The Quarter on Quarter number was 0.7% versus consensus of 0.7% and a previous of 0.8%. No real surprises were anticipated in these revision figures and none were delivered. The Usd/Jpy still remains in a tight range, with the high at 102.39.

NZ dollar (kiwi) pares decline after Fonterra raises payout. The New Zealand dollar pared its decline after Fonterra Cooperative Group raises its forecast payout for dairy farmers to a record. The kiwi climbed to 83.11 US cents yesterday after Fonterra hiked its forecast pay-out to farmers by 35 cents to $8.65 per kilogram of milk solids to farmers in the 2013/14 season, up from a previous forecast of $8.30 per kgMS. The dairy company held its forecast dividend of 10 cents per share. Fonterra, the world's biggest dairy exporter, has raised its forecast pay-out to farmers as global demand for milk powders remains strong.

China's yuan might ultimately challenge dollar: ECB's Mersch. China's yuan currency is gaining importance in international trade and investment and might ultimately challenge the U.S. dollar, European Central Bank Executive Board member Yves Mersch said on Wednesday. Speaking at a conference on the renminbi, or yuan, in Luxembourg, Mersch urged the Chinese government to continue reforming its economy and its financial sector because the yuan was taking the first steps towards establishing itself as an international investment currency. "If it can do so successfully, it might one day become a leading reserve currency," Mersch said in a text of a speech.

ECB to take the QE plunge this year…finally.

Better late than never, right? Despite the myriad political, legal and financial obstacles, the European Central Bank will this year take the plunge and start printing money, several years after its counterparts in the United States, Britain and Japan. That's the view of economists at BNP Paribas.

Putin orders test of Russian aviation, air born troops, air defense. Russia says 150,000 army personnel to take part in test.

Fed's Rosengren urges very patient approach to removing monetary stimulus.

Trading the News Today: Fed's Yellen Testifies to Senate on Monetary Policy, USD Durable Goods, USD Continuing Jobless Claims, German CPI, German Unemployment Rate, CHF Domestic Product (GDP), Euro zone Consumer Confidence.

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