Scoreboard: Gimme shelter

A surprise surge in US new home sales boosted the US dollar but failed to move Wall Street.

A surge in US home sales (new and for January) took markets by surprise last night, especially considering how other data releases have been hit so hard by bad weather. New home sales were expected to fall about 3 per cent or so, after a 3.8 per cent fall the month prior. Instead they spiked 9.6 per cent to their highest level since July 2008. That was pretty much the key data overnight. News flow was otherwise concerned with Russia – sending troops to do drills near the Ukrainian border – and the recent fall in the yuan.



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