stocks turn negative for the year as the dollar soars and investors grow concerns about when the federal reserve will make its next move. >>> dollar drama. the fast and furious rise in the greenback is jarring markets across the globe hitting energy and potentially pressuring profits of u.s. companies. we examine the consequences. >>> game changer? could hbo's new service potentially shake up the television industry as we know it? all that and more tonight on "nightly business report" for tuesday, march 10th. >>> good evening, everyone and welcome. send your children to another room. cover the ears of the impressionable. it was an x-rated day on wall street. call it 50 shades of ugly. not just here in the u.s. but around the globe. the dough jones industrial average suffered a 332 point loss to close at 17,662. its second worst day of the year. the gains of the year so far, gone. the nasdaq off 82. the s&p 500 dropping 35. those declines amounted to 1.7% or more. big part of the problem today, the strengthening dollar. the greenback rising 1.1% to a 12 year high against the euro and ther

the heat and humidity has been taken out of the dollar. you can see that when the euro trying to trade up back at 110 level. [indiscernible] the biggest 2-day rally. china is about 11% of the world's oil production. copper, the chinese is buying copper. around 8% in the past three days three it closed above 100 day moving. gold down. it is off of its two-week high. the commodities for the individual names. deutsche bank will it sell and scale back? we will talk about that in more detail. raising the dividend by 10% in taking a charge of 40 million pounds. marches are improving margins are improving. -- margins are improving. jonathan: we got breaking news out of france. the pmi for manufacturing, very day. manufacturing data at 48.2% better than the previous month but below estimates. services data below the previous 52.8 but better than a survey. you've been looking at the composite and we are below the previous month. also below the survey of 51.9. very mixed french pmi. we'll get the biggest from the eurozone germany, manufacturing servi

the dollar move, after the fed, is a monster move.was it all about, and what is the warning sign? david: positioning. if you look at the positioning on the data which is available to most people, you look at the positioning indicators where you had a machine that trades momentum. everyone is record long dollar. when everyone is one way, you get these extreme moves in the opposite direction. people are ignoring the data, the positioning, that the consensus is overwhelming. this is typical of the end of a bull market that sucks everyone into the story and you ignore the facts. i'm saying look, you want to have a little on the table, fine. but this is the end of the dollar bull run. that 25% rally is done. you want to get whipped around like you did the other night fine. i'm walking away. great party. jonathan: you had a great party, you take some money off the table, fine. a couple months ago, you said we could face the possibility of a destructive dollar rally. david: i think that people who are forecasting the continuing rally in the

the aussie dollar up over 2% rock and roll for the aussie dollar and again back. re this morning they've trimmed back their view. we had to thread a needle to the door this morning and they say that is still going to the third quarter of this year. the fed needs to act, they are at or pretty much full employment. that is the view from fred needle and ubs. caroline: let's turn our attention to the dollar on the euro and what the ecb is doing on the other side of the occasion --. we cannot forget the difficulty with all the stories and the euro seems to be back on its weakening path today. where do we stand at the moment in the talks that are about to take off in brussels today. this has been a long-running saga, i have thought all along this is a case of the irresistible force meeting the immovable object and i don't think it will have a happy conclusion. i think myself at the most likely thing is that at some point or other greece will exit the euro. for that not to happen, there has to be a considerable climbed down. i don't see it as possible from either side. ca

dollar related today. if you take a look at the wti chart and also the chart of the dollar, you see the chart of the dollar spiking up in wti. that's selling pressure really intensifying throughout the day. right now we're trading at $46.66. we're down $1.33. what traders are telling me is they need to see a settle below $48 to really feel like the down side pressure is on. they do think that we are going to see more dollar up side and it could send crude lower, but at the same time they're looking at this negative price action today and saying you know this looks like it's just keeping crude from going up at this point. they want to see something that will really take it lower. production numbers also are in focus. the eia is actually saying that the u.s. output this year will not just be 9.3 million barrels per day. that is the previous projection. 9.35 a little even higher. it could just be the catalyst that takes crude lower. when we're talking about brent prices, one of the traders just noting to me before we went on the air here that he is looking for a 38% retracement. he is looking for brent to go

companies being impacted by the u.s. dollar. but what about companies that have a lot of exposure to some of those emerging markets? >> sure. the, when it comes to u.s. companies exposure companies that are exporting to the emerging markets for sale will have a harder time in this environment. those that are able to produce locally and already have those local production facilities in tact will do a little bit better. speaking in terms of industries we see health care being more rezil yenlt because it's typically government-funded in emerging markets and more resilient to the market impacts, but consumer durable goods as well as energy companies are struggling. >> lauren, thankl leave it there. lauren goodwin with financial strategy group. >>> the dramatic climb in the dollar is already impacting the u.s. economy in much the same way a rate hike would. steve liesman explains the link between the strong greenback and the central bank's decision to tight. >> rep 22% rise of the dollar over the last year means the french bottle of w

looking at the broad trade weighted dollar. g markets, particularly in asia you might think that's great. they want weaker currencies. that's certainly one reason they're making their policies ease wrer. helpful for exports. we know the countries, these economies like china are exporting powerhouses, and that is true but it is the speed and the severity of the move that is problematic. think of the money that flowed into china and indonesia, into fast-growing economies in search of higher yield. well, now that is reversing very sharply. that money is flowing out as those rates go down, and it's flowing here in to the united states. turning out to be a pretty painful thing for some of the economies. in fact, global flows into emerging markets were cut in half. that includes portfolios mutual funds. that was the latest data out of the institute for international finance. we've seen the stock markets. they're getting hit. another big ripple effect of the massive dlavr dollar move. >> as i pointed out yesterday, stocks generally do

the dollar trend also matters. the fed told us last week is that they are perhaps getting more concerned about the economic outlook on the back of the pronounced dollar strength that we have seen. i am getting more cautious on the direction right here, just because the dollar amount it really does not mean that much for the two-year trend but for the next three months or so i think it is tricky because of the dollar. alix: would you be shorting the dollar, then? jens: we actually made changes to our recommendations over the number of emerging-market currencies. that is a big change for us, we had not had that kind of exposure in over one year. alix: let's talk about the flood of negative yields. $1.4 trillion debt carrying negative yield with germany one of the largest and unbelievable amount in negative yields with france there as well as the netherlands, look 2.1 dollar trillion all across europe, and unbelievable number. how long can this go on for? is this sustainable? jens: it is an extraordinary situation, bu

the worst day for the dollar in years. nce leaning away from higher interest rates, triggering the mother of all short covering. in other words, so many people piled into the strong dollar trade with bullish bets near a record high the snapback we saw was so intense. where does this all leave us? today back to a strong dollar. dollar bulls are getting a nice opportunity, and have over the last 24 hours to scoop up more dollars at better levels. vut from the view from the research notes the big gains, giant moves for the dollar may be behind us talking about 30% move for the year. the fed made it clear it's worried about it but the dollar's on a one-way ticket higher especially if the u.s. economy can shake off the frigid february weather, the temporary port dispute, and starts healing that leads the fed towards high interest rates. eurodollar parity in the cards with all of you with summer trips planned to europe from the united states. it might not be as fast and furious as it has been. could be a slower assent of the u.s.

the dollar seems to be the big issue as well.k at the dollar against the euro 1.07 right now. there you go 1.07. the dollar index, foreign currencies against the dollar a 12-year high. also seeing a big drop in european bonds today. the strength in the dollar's causing real problems out there. you look at the eem, a basket of emerging market stocks down eight straight days now, eight. this concern about the dollar strength is not a new one weep have been dealing with this for the last week and a half. the dollar strength also causing a lot of problems with earnings. i showed this a week and a half ago it has not improved. the s&p estimates for the current quarter, s&p capital i.q. numbers are negative. we have turned negative. everybody knows about energy stocks being weak but many other sectors, lower estimates because of the strength of the dollar. and now we're starting to see a real impact. q1 is negative compared to q1 of last year. year-over-year. q2 is negative 2015 up 1% now. if we stay down on this quarter, this would be

the dollar is on the up trend.e dollar trend could last for another 2-3 years at least. we have further to go because the policy of emergency which is the main driver is bound to continue. betty: people ask is a dollar strength or is a global weakness here? >> it has been more of the latter up until now because what we have seen as particularly the european central the bank of japan are stepping up to eat is the main driver -- stepping up qe as the main driver. the next phase is really this upturn in the u.s. front and yields which will drive the dollar higher as well. betty: this is what i'm confused about because it has already been well broadcasted that the fed will raise interest rates and the euro will implement this qe program, so why has this not already been priced in? why are we not at the tail end of these currency moves? >> there is still a lot of volatility. if you look at what is priced into the futures, the market is concerned the fed will go all the way in terms of tightening policy. some uncertainti

and the movement in the dollar, it is just sort of a road bump or speed bump on the way for the dollarue its rise against other currencies. the gold move makes sense. the oil move is interesting. maybe you saw the bottom today and a big move to the downside following the rally. maybe you get a couple days of rally in the oil market. but the real story continues to be the bond market and what it's telling you. and >> so let's go into the related trades, guy, you say there is a bid for bonds. but let's look at financials. what is standing out is the banks that lend are doing more poorly than their peers the citi banks and banks of americas are not participating in the fed-induced rally here. and the way i'm reading is they are saying the economy is going to be weak and business won't be as strong and the yield curve is flat. >> you're not getting the yield curve and the steepening yield curve. it does make sense but you are saying rallies in the goldman sachs of the world. goldman will rally. i think you will be surprised by how well their fixed income currency commodities division does

the strength of the u.s. dollar expected to dominate trade as it rises to levels not seen since 2003. but the euro rising against the dollar for the first time in two weeks. >> still stressed out. bank of america trading lower after the fed gives it only conditional approval for its capital plans. some fail the tests all together. >> volkswagen moves full speed ahead in china. plans to boost production after posting a record year for profits. we heard exclusively from the ceo and chairman. >> two police officers have been shot during proterss outside the police department at ferguson missouri. this is following a report citing widespread racism in the force. >> welcome to the show. let's bring you breaking headlines coming out of volkswagen. they announced that 2014 profit hit a record high of 17.9 billion euros. they also said they plan to increase china annual production to 5 million vehicles per year. we'll continue to identify more of the flashes. they have also identified half of the 5 billion cost cutting volu

we have the rising dollar and iranian news. so which ever way you look at it and you have to continue to see u.s. shale production growth. inventories in the u.s. keep building and building to new record highs because of the strong collection growth. >> is that the biggest factor? is fundamentals at the moment? or is it that correlation effects as you mentioned the u.s. dollar strength is not good for commodities in general? >> the u.s. dollar strength has been and continues to be a factor. it certainly hasn't helped oil prices but i do think it's more a factor in the margin. at the end of the day it's the weak physical markets and also what's happening in other currency markets. what's happening in emerging markets markets. these have completely collapsed and are indicating that emerging markets are looking weak at the moment. that's painting a bearish picture for oil. the fact that you have on the one hand this currency war out there. recurrent countries competitively devaling their currencies. that's not a positive thing for

highly the u.s. dollar, seeing its biggest drop since 2000 11 para joining me now on the breakdown of key voices on social media platforms and how they are reacting is the bloomberg market managing editor. we are watching tv listening to janet yellen and you're on twitter join to find out what is going on. >> how people are reacting in real time. a lot of it was simply about, people like to snark the fed. it is just like people knock it. just like, people really took -- they had a lot of comments about how she killed forward guidance. i do not know we have good tweet by matthew i really like but anyway, he made the point we come not to praise forward guidance which i really enjoyed because i like anything that invokes famous quotes. from our own economist here, who took a great shot and sort of summarized, let's see if we have it, modified policy rules humans one, robots zero. this is a big debate, which is there is a big criticism of the fed, that the fed should have rules, and janet yellen pushed back har

the dollar has become expensive. markets are probably looksing so the market is going to start focussing on the fact that the euro zone is recovering. >> so did the problems of the euro zone result from the whole idea of having the euro or from china slowing and that filtered in or russia or oil? what caused -- or is it what we always thought? the structural problems with the way they do business over there in terms of a welfare state, sort of a model that always gets too top heavy. structural labor problems. what is it? what's europe's problem that caused it to come down where it was now. >> it was the design flaw in the union. >> really? so the cause did not respond to it. >> in the absence of other mechanisms that allowed for a more synchronized fiscal policy. >> you never met a welfare state you didn't like. >> it's the fact that the euro is a currency without a country. germans should be doing is paying greeks debt and they're not and it's much more expensive not to do that. >> for 30 years our gdp has grown 40 o

carl suggesting it is the yellen dollar. here is the reuben dollar. at is the significance of the 50% retracement of that history from another decade? olivia:>> insets us in a stage of strong american economy. we had emerging-market prices, loads of issues across latin america. it, we are retracing all of that. we still have a strong american economy but other nations are going to -- tom: bring up the chart. dxy back to 1967. we adapt abruptly to too strong a dollar. are we anywhere near that? francisco: we have a ways to go. that is where we retain a negative -- tom: deutsche bank making a splash yesterday. francisco: i'm not going to run over -- we will have a negative tone. the strength of the dollar is something that won't stop. tom: let's get to our top headlines this morning. olivia: two police officers have been seriously wounded overnight at a protest in ferguson missouri. the protesters had gathered at the police station after the police chief resigned. the shooting occurred just as many were heading home. >> tonight was fairly uneventful up u

the euro hit a 12 year low against the dollar. they expect the euro to fall to the dollar by the end of the year. 90 seconds by 90 cents by 2016. >> we are bouncing back today seema seema. europe was included yesterday. we know of course that policy won't be tightened which has been one of the big factors weighing in the last couple of sessions. so a little surprise that europe was involved in the sell off yesterday but it was bouncing back today. quite strongly as well. mario draghis comments giving extra to markets and highlighting the fact that even though of course we do have the growth picking up that policy will remain moving toward strong gains across the board. >> ftse 100 is in the green today. it was weighed on heavily because of weak commodity prices. see what what are commodities doing here today? >> i'll join you at the wall. they were a big part of the story yesterday. we did see oil shares moving lower but a little bit of a bounce back. wti crude trading at $40.47. perhaps traders reacting to that. >>> gold given the

. >> he was saying he wouldn't short the u.s. dollar. we have somebody that says it's a clear long because there's plenty of upside to the tune of 20 plus% to the upside. >> another huge move. >> fast money starts right now. i'm melissa lee. stocks across the board getting pressured over fears of a potential fed rate hike and strengthening u.s. dollar. we are bringing back raoul pal. he told us the rally was just beginning and financials taking a big hit today but tomorrow stress test results could provide a boost for the banks. and a change at google. the company just announcing it's cfo is retiring. we'll tell you what it could mean for the tech giant. we start off with a broad sell off today. not just stocks. oil also getting hit hard on the back of the strong dollar. pete, the s&p and nasdaq closing at session lows. >> they absolutely dumped in the last 15 minutes of the trading day. obviously the strong dollar, how it's going to effect the mul multinationals. we started to push to the downside and financials started to lose what they

the 105 106 handle. but of course a week euro dollar. let's see we have the flat u.s. dollar against the yen at 120 pretty much bang on. the aussie dollar looking at 0.77. and sterling 1.4846. sterling is significant down this morning 0 pntd 7%. let's have a look at bonds. it's a good indicator what to expect for rate rise expectations. my take if we are above 2 % on the 10 year we're expecting something before september. if we are below we're probably expecting something around september or a little bit later. we're below at the moment 193. that move below 2% came when january janet yellen was a little more dubbish. low yields across europe. important discussions between merkel and sipp russ today. where is the rally in the u.s. dollar was brief and volatile. we had similar moves in the oil price. but still around 6 year lows. 45.4 for wti. 54.4 for present. let's check in on markets in asia. we are standing by in singapore. over to you. >> thank you very much for that. we had a reasonably stronger wall street at the tail end of last week. so that's benefitted the asia

before i came on set, i looked at year on year changes in the dollar and all the times when the dollar has appreciated as much as it has, and in every single move, gdp growth was slower four quarters later. it hurts the export sector. it hurts the to industry as well. we saw that in the q4 data and we will see that in the upcoming gdp reports this year. lisa: i think one of the big questions that underlay secretary lew's comments is why is the dollar so strong? is it because europe and other regions are doing so poorly? alix: that was my question. you took it. [laughter] lisa: i'm sorry. carl: the expectation is that rates of return will be higher here. and if the fed has promised to raise interest rates -- janet yellen is sensitive to that and this week she said she is backing off. lisa: an important distinction here is if we get back to a point in time where the current the value of currencies really is a property of peoples perception of a nation's economy, then that is a healthier way to be rather than a proxy for what people are expecting. alix: it is almost a trading proxy at thi

sterling is going to fall against the dollar. s sterling has come of it too high too quickly against the euro. it may start to consolidate against the euro. jonathan: we could possibly move to 1.40. does that make mark carney's job easier? guest: i think it is interesting. his predecessor wasn't a verse to talking sterling down. interesting now, we've seen a pickup. maybe 7%, 8% over a short period of time. governor carney is speaking today. it will be interesting to hear his views on sterling. some inflation reports talk about cutting rates or hiking rates. sterling has appreciated quite quickly. maybe he will choose to emphasize that rates don't need to go up. jonathan: i have to go back to the core of this segment. you were out front on this call for parity. last year, calling for parity at the start of the year. a lot of people weren't quite there. it doesn't sound like a big call anymore. what is the big call now? guest: i stink -- i think it is further dollar strength. the dollar has come a long way. if you look at 20, 30 ye

we've seen the u.s. dollar bounce back again to strength today and that's hurt that rally that we saw in oil prices yesterday let's have a quick look at european markets. they continued where the u.s. left off yesterday though not with the same enthusiasm. you can see the dax is just below flat. france just above flat but the ftse 100 is leading higher. we had more strength about ahalf an hour or so ago. the ftse 100 did hit a fresh all time high. it had a strong day yesterday even though continental europe was weak polling the u.k. budget and minutes. it's at 6962 up a quarter of a percent today. quick look at asian market which is found a bit of strength off the rally. sensex up today. japan up .3%. >> the fed frees itself to start raising interest rates but signals it's in no rush. the fed dropped it's pledge to remain patient but sharply lowered it's projected path for rate hikes amid growth and inflation. the market is pricing in an october lift off abandoning previous forecasts for june but janet yellen s

the dollar is doing well. y looks weak from the weather in the first quarter i'll grant you that, but i think the economy is still decent and we need a corporate tax cut. >> and we're going to leave it right there. steve, thank you very much, sir. thanks for your patience. pun intended. more coming up with steve grasso on "fast money" at 5:00. they'll be asking the man raked number one in fx strategy jens nordvig what he thinks of the fed's decision. greg ip, thank you for joining us. much more continuing coverage after this. "closing bell" continues in two. female announcer: right now at sleep train get up to 48 months interest-free financing on tempur-pedic. save hundreds on beautyrest. or choose $300 in free gifts with stearns & foster. the triple choice sale ends soon at sleep train. >>> welcome back. we continue the conversation on the fed today and what's happening in the markets now and next. with us, dennis gartman of the gartman letter and jeff cox who was in that lock up at the fed for today's announc

you had reversals for the dollar against the canadian dollar, against the australian dollar, against the kiwi. you had changes in the dollar. things are shifting in the foreign exchange market. that has been one of the driving forces in all the capital markets and suddenly in the past five, six, seven days you can sense a change taking place. and i think you have to pay attention to that fact. no question. >> hey, dennis. bk. i'd like to talk about oil again. so, a lot of people are -- listen, i agree with you. i'm long commodities which is mostly oil. but let me take the other side. a lot of people running around with hair on fire saying the crude reserves web the crude storage is all going to be filled up. then all of a sudden they're going to plummet down to $20. how does that fit into your more bullish view on this? >> i was one of the arguers making that point. and we are, in fact, going to top off wti crude oil in cushing, oklahoma. we're going to top that off. we're going to top off the amount of crude oil in the gulf. and there is the possibility that you get to that point whe

if we move on to the u.s. dollar coming back after its worst day in six years, the plunge in the dollar yesterday, a lot of people talking about a short covering rally in the euro. we are getting the stronger dollar trend reasserting itself here. and i wanted to mention copper -- the best day since february 3, a sixth week -- not the six-week high, but the best day in six or seven weeks for copper prices with a gain of 3.5%. alix: oil bear market in your face -- that's the quote from you. we will check back in later on in the show. all markets are digesting a world without a patient that. the dollar clawing its way back from its biggest slide since 2009. we see tremendous volatility in the currency markets, the stronger dollar hurting exports in the u.s. and weighing on inflation two things janet yellen acknowledged yesterday at her news conference. joining me to discuss it is the chief economist for bloomberg economics and the cio for merck investments. i was mentioning the call for 2600 on the s&p and you are total

dollar as well. so to theere i mean, there's going to be trauma from this move that comes back and affects us even if you could argue directly a strong dollar could ultimately be a good thing. >> that's right. look ultimately the strong dollar is a good thing and i'm as patriotic as the next person. i don't want to pound my xhes and say we like to have a strong dollar, but a volatile currency is not a good thing. we want a firm currency that's predictable for corporate earnings. the mistake a lot of investors are getting into is they start to chase currencies. if you spend five minutes worrying about the dollar you wasted five minutes because there's so many factors at work. we know companies are going to hedge out a lot of that currency. it is hurting the emerging markets. it's cutting off quutliquidity. >> dr. j, let's get specific if we can for a second before we go. a couple names to watch, events to watch -- >> biggest thing for me right now is the vix because that is and has been a pretty accurate measur

we decided to debase the dollar. even though this is historic, it's historically okay, it's the velocity. the velocity would slow dourng any down, any good news out of europe, we would break the velocity. it's too quick, carl. people can't position in time. >> right. but also a sense that there's a simple race to devalue, whether the euro the yen, other currencies and of course the question being, china, whether they get more aggressive. >> after their data missed last night. >> china, look the rest of the world is not strong enough for dick fisher to say we think -- he's not voting -- to say we need prompt tightening. prompt tightening will send all of the currencies to the floor and it's going to put a stop to a lot of our exports. we had a company last night that reported unbelievably good number, verifone. they cut numbers gigantically because of currency. a great quarter. they look through it? that's my key to today's session. will people start looking through this? this was the worst guide down i've seen in term

the euro dollar is weighed down by the uncertainty. we're down.23. g somewhat higher below the japanese yen but below the 120 handle. and commodity currency taking a lower against the u.s. dollar. let's check in on what is happening in the currency markets -- commodities markets. we're seeing brent and wti down heavily. by wti off by 1.5%. brent crude losing around 0.9 percent. as investors are increasingly pricing in the probability of a deal between iran and the rest of the world around the nuclear program. that is really their sign for the oil markets. let's check in how markets in asia are doing. >> hi. i want to pick up on the iran story and oil and what ten means in asia. saying we see a framework agreement. a knee jerk reaction to the downside of $5 a barrel in the price of oil. that's good news for asia. and the indian imports are a lot. the rank outperformance shanghai up by more than 2.6%. expectations of further rollout of the modern road initiative benefit the infrastructure stocks. and knicknikkei for the month of february and missed expe

the dollar today. everybody talks about the strength of the dollar. nk about, what is the reason for this? a lot of it has to do with the quantitative easing in europe. the flow of assets went to emerging markets. for those five years, the gdp growth was driven by emerging markets. when you think about what is happening with qe in europe, a lot of the assets are flowing to the dollar. when you think about people having cash, it is an indirect exposure of qe in europe. when we think about asset allocation we go back to basketball. it is having a good three-point shooter. having something else. olivia: how exposed our u.s. multinational companies to the stronger dollar? barclays group had a report out that there was virtually no impact in stocks continue to rise. omar: multinationals, 40% of the earnings in the s&p 500 have sales overseas. earnings will be impacted area -- impacted. tom: do you change your allocation because of that? do you have to make a strategic shift because of the dollar? omar: you have to reallocate your risk. u.s. equities versus

euro against the dollar. s on track for its worst quarterly drop ever. down by 11.6%. that eclipse the drop it experienced against the dollar during the critic crunch. now it is down to 1.069. this is day three of qe by the ecb. on behalf of the ecb. talk of a u.s. rate hike lifting the dollar, dragging down the euro. it is worth remembering where the euro started 2015. one dollar 29. look at how much it has lost. $1.20-one dollar$1.06. against 31 major currencies only two writing against the euro. the danish krone and brazilian real. analysts thought the euro would finish the year by $1.18. by february, it was down to $1.10. now they are saying it will and $1.07. -- end at $1.07. you since the forecast will continue to be cut, leading to the question, how long before euro-dollar surety? -- parity? we have an underlying profit net income. 1.6 one billion euros. the underlying loss net loss 3.1 6 billion euros. according to bloomberg, a loss of 4.24. we had a net income of 2.09. eon is the entire german energy

let's talk about the dollar. ebounded from the dovish statement from the fed, which triggered the largest selloff of the currency since 2009. our next guest says this cyclical trend is here to stay. let's get more from the senior strategist at the commonwealth bank of australia. you decided to set yourself off from jp morgan, who say the dollar run is over. it's all priced in, yet what did you make of what she said? is it really that dovish? peter: i think the initial reaction was the market was thinking they announced some paradigm shift, but the day before people were saying they forecast was unbelievable. now they move the forecast back down to where the market was 24 hours earlier. it's much more believable prospect for interest rates. you need to consider they acted in a stronger dollar in the forecast, yet they are still forecasting to rate hikes later this year. for us, the monetary policy dynamic is well priced, but it has another like to go. we are still looking for rate hikes later this year. we think th

the strength of the dollar also reflects the strength of the u.s. economy.trength of the dollar is also one factor that is holding down import prices and pushing inflation down. we are taking account of international developments including prospects for growth in our trade partners in making the forecast we have here. nevertheless, it is important to recognize that this is not a week forecast -- weak forecast. we continue to project above trend growth. we continue to project improvement in the labor market. the central tendency of the participants is they are looking for an unemployment rate that will be down which is consistent with their estimates of its longer run normal value. we do see considerable underlying strength in the u.s. economy. in spite of what looks like a weaker first-quarter, we are projecting good performance for the economy. >> the policy statement today talks about one of the prerequisites you need to start raising rates. to be reasonably confident that inflation targets will be met at 2%. that is coming out at a time when you have lowe

the dollar lower. kening. >> david rubenstein on the fed, oil prices and the strong dollar. >> what is a monday without news on apple. a new call on the watch. new price targets. and a new steve jobs biography. >> but first, we go to diana with some breaking news on existing homes. >> existing home sales in february up 1.2% to a seasonally adjusted annualized rate of 4.88 million units. that's right along with expectations. a little lower, expecting 1.7%. sales up 4.7% year over year but we have to remember last february was not a strong year. even the realtors saying they would characterize this as under five million, and still "underperforming." median home price at 2,260 dollars. they're saying we're seeing a reacceleration in pricing. why? here's your headline folks. inventory. 1.89 million homes for sale. up slightly 1. 6% month to month. we should see an increase of about 6% more homes for sale on the market. we're seeing barely 1.5%. so again, we only have a 4.6-month supply of homes for sale. ve

is it euro parity with the dollar imminent? ontinue between iran over the nuclear power. the latest in a dispute including animated between secretary of state john kerry and french foreign minister. the leaders met this weekend to review the status of the talks ahead of the deal's deadline set for the end of the month. joining us is our analyst and elliott gotkine. let's start with you. what has been the reaction in iran to carry out the latest? reported bank -- reporter: there is not be anything official to what kerry has said. they have repeated the previous on the talks and they tend to sound a more positive note is a lot of the rhetoric coming from congress in netanyahu's speech amplifies the dangers of some americans feel about the deal. i think iranian officials are stressing these talks are important and have to continue. what do the iranian side is extremely important. mark: the rhetoric from netanyahu was firm when he spoke to congress. golnar motevalli: the rhetoric in iran, there are -- there are harder lines. there a

where are we in the great dollar debate? today is a perfect day for a change in the communication. yellen can drop the word "pati ence" and she has plenty of other tools to signal to the markets that the rates will come down in june. perhaps not next year, but certainly this year. then she has the conference at which she can reinforce the points that you just made, all of which are pretty much deflationary. in that context, i think the message today will be we have changed the guidance because we did not want to be in a situation with a time commitment, but we have flexibility. currently, it is a situation where perhaps we do not have to go into -- in june. >> highest since 2009. does the view that the strength of the dollar could not postpone the timing of the rate hike, but slow down the pace of the rate increases, is that right? how does the dollar play into it in the next 6 to 9 months? >> it is becoming more and more important. i think it is the fastest move over an eight or nine-month period since 1981. it is the speed

a little about the dollar. the euro/dollar relationship. weak euro throughout the day. that caused pressure on our markets and increased pressure on the up side of european markets. take a look at the s&p 500. we're off our lows 2041 was our lows. you see how the market moved down in tandem with the euro weakening the dollar. the opposite effect has happened in europe. all a pretty good week on the up side. you see the story here. weak euro buy europe, sell the united states. very simple story here. tech stocks are getting hit rather hard here. ibm could go all to the down side. look at it quickly how we were on the week on these stocks. big declines in tech because they have significant can't operations overseas. intel, cisco, coke even all on the down side. the mover down in oil is putting additional pressure on our markets here. we're seeing oil stocks come down rather notably as well late in the day with euro lows in oil. all of the big oil names like the xop, the etf 4, go with products also on the down side. over to you. >> bob, thank you very much. >>> you know t

speaking of the strong dollar stocks impacted. about them nike saying that sales were impacted in the last quarter by the stronger dollar. also forecasting earnings from its margins as well as revenue, impacted in the year ahead. nevertheless, the stock moving higher as a company made the case it will continue to take share, and investors are taking that to heart. tiffany earnings a penny ahead of expectations but the strong dollar impacting revenue and expecting to impact revenue and profits in the current quarter. and a.k. steel, forecasting wider than expected loss. two reasons, the stronger dollar but weakness in steel prices. checking energy oil right now at 46.5051. 46 hadn't 46.50. if you see a strong break above that you could see crude oil continuing to move higher up to 50 according to some. the gains we're seeing now up 96 cents for crude being passed along to energy stocks which is an area of strength this morning. of course earnings from home builder kb homes today on the heels of lennar's better than expected results

an etf which follows the dollar. get the instrument that most expresses whatever your market outlook is. charles: i love that. cut to the chase, don't get cute. what do you think? >> cvs, combining pharmacy management with drugstore retailing and cost basis, thanks to the rising dollar is going to go down. charles: the doctor in the store is phenomenal. that is huge. cvs trivia, what does it stand for? >> convenience, value, service. charles: consumer, value store. keep the questions coming, a lot of great ones today. tweet me, i'm at cv payne. do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat.

the dollar is up. the dollar is moving. i thought we wanted a strong dollar. >> that was exactly what worked for us in the late '90s. there's two things. i think the dollar is strong for two reasons. our economy is the one place in the world things are working. that's a great thing. and also our federal reserve is looking to be a little bit tighter in terms of monetary policy compared to other central banks around the world. if you have a growing economy and a bank that treating the currency really well, that's going to attract a lot of capital. that's what happen in the late '90s. that's a positive for the next couple of years. >> the big debate is when the fed will move up on interest rates. is the market strong enough to take a move to the side in interest rates? >> i wou much prefer to see a fed that's raising interest rates because you have a decent economy than a fed that has to stay at zero because we've got a major problem and the economy is unhappy to see that and the fed has been very good in terms of projecting w

. >> scott, what about the strength of the dollar. we saw a number of companies when they reported their earnings point to the strength of the u.s. dollar as a real drag for others say that of the dollar is topping out here. which camp are you in? >> well sue, i think we're in a long secular trend with dollar strength, intact for some pe i would think that the euro would fall to parody and possibly even lower. and so in the near term i don't see much relief for s & p earnings coming out of the dollar. none of this should be unexpected. we knew the dollar strength was going to lead to translation problems in earnings for multinationals. and the market has room to appreciate just on multiple expansion alone. so while i think the dollar will be a headwind for earnings i don't think that is going to get in the way of stock prices moving higher. >> you know scott, i realize you run different kinds of portfolios and what you do in one you might not do in another. broadly speaking have you been buying or selling or holding? and if buying or s

an etf which follows the dollar. get the instrument that most expresses whatever your market outlook is. charles: i love that. cut to the chase, don't get cute. what do you think? >> cvs, combining pharmacy management with drugstore retailing and cost basis, thanks to the rising dollar is going to go down. charles: the doctor in the store is phenomenal. that is huge. cvs trivia, what does it stand for? >> convenience, value, service. charles: consumer, value store. keep the questions coming, a lot of great ones today. tweet me, i'm at cv payne. you total your brand new car. nobody's hurt,but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do, drive three-quarters of a car? now if you had liberty mutual new car replacement, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement, we'll replace the full value of your car. see car in

the dollar is the key factor. >> d for dollar.or ow new daily segment "trading nation." today we continue with our focus on biotechs. david seeberg, trading with cowen and company and ari wald tech anything with oppenheimer. dave first to you. is all the good news already out? i pointed out the stats. 60-some companies out of 150 have more than doubled off their 52-week low. almost none 16950the 150 i follow are down. can biotech keep rallying like this? >> is it 10% in the last no month alone predicated on the tailwind of fundamentals here. the strength over the past month or so is predicated on this biogen news we saw today. solid data and the alzheimer's program. a bull case people are waiting on. it can keep going. until you show us a better sector, right, showing more promising growth, money's going to continue to glow into flow into biotech. their regard is the best on the street. they'll continue to move these higher and i can't imagine that money doesn't continue to flow. look at biogen period. i mean biogen as i think, 9.

it is loosely pegged to the u.s. dollar. you can see it has gained significantly. 47% in the last few years. the euro gained 18%. economy -- and as for the pressure on the yuan right now. >> still a bit concerned? >> yeah, even more so now. we have got inflation rates numbers coming in. the lowest we have seen in five years. we also got property numbers that came out last week. not in good shape for the markets. a record decline in new home prices. this is all ahead of that gallery that is said to happen on thursday. the big topic is that gdp targets -- will they be lowering that? some expect a growth target around 7%. it is down from 7.5% from last year. they're hoping this could be a good left for the economy. it might be the boost they need right now. >> thanks a lot, eveyvonne man. >> caroline hyde is on the ground. three edges. all functional. >> they are indeed. we had yet to understand what the current scream does -- screen does. you can see perhaps who is calling you. perhaps your boss wife, husband. that seems to be

at the same time, the dollar strengthens. not really that crazy when you think about it. >> so it's interesting, let's say the market can go up. we believe adam's thesis about what's going to happen for the stock market. i like this goldman note today. no offense, adam. they say why investors should own firms with high domestic revenues. they take sector by sector and name names about the ones that you should be investing in right now and maybe that's the way to play it. do you agree with buying stocks of those companies with the highest amount of revenues coming domestically? >> yes. goldman's point is that at an individual stock level, there's a huge impact on the dollar. but on an index level, they opponent to nine different regimes, as far as dollar strength, dollar weakness. there's zero story that you can weave based on that history and say the dollar is either good or it's bad. it can be either one and it depends on a lot of other factors. >> but scott -- >> go ahead, adam, please. >> we try to publish stuff before it

broadly the u.s. dollartrength has probably gone a little bit too far at this point if the fed does not hike rates. what is fascinating when you look at the global stage everywhere else in the world you're looking at central banks are lowering rating and easeing. the fed is the only one on the balancing beam trying to tighten policy. i think it's hard for the fed to get aggressively lyly tight where serve easing tremendously. i think the market may be getting ahead of itself as far as the dollar rally. >> thank you very much for joining us. >> still to come on the show from a world luxury to a world of pain. that is how bp's ceo describes oil markets now. stay tuned for more of his interview with cnbc. a earthquake-- quick look at futures. arrows are pointing to a positive point. the dow up about 64 points. nasdaq up about 11 in the market trade. hi everyone. welcome to world wide exchange. here are your headlines from around the world. >> markets up. the dax crosses 1200 points. a fed count down officially