Time for some cheer! The dollar gained against most major currencies on Thursday following some strong economic data from unexpected quarters. The US housing market saw sales of previously-owned homes gaining in February. House re-sales were up by 5.2 percent as against predictions for a decline.

This has once again reversed the train of thought on interest rate hikes. The dollar has gained 1.8 percent this week after poor performance the whole of the last. More and more traders are leaning towards interest rates touching 5 percent this year. The greenback has been under pressure as the ECB and Bank of Japan move towards interest rate hikes, thus reducing the allure of the dollar to foreign investors.