Home From the Wires U.S. dollar hits nine-month high against euro

U.S. dollar hits nine-month high against euro

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Wednesday, August 20, 2014

Reuters: The U.S. dollar hit nine-month highs against the euro and rose against a basket of major currencies after strong U.S. housing data bolstered expectations for an earlier-than-expected rate hike from the Federal Reserve.

U.S. housing starts surged 15.7 percent to a seasonally adjusted annual 1.09-million unit pace in July, snapping two straight months of declines, the Commerce Department said on Tuesday. Economists polled by Reuters had expected starts to rise to a 969,000-unit rate last month.

"This pretty much indicates that growth here in the U.S. continues to outperform other parts of the world," said Sireen Harajli, a foreign exchange strategist at Mizuho Corporate Bank in New York. "It's just a matter of time before the Fed will have to tighten monetary policy."

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