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Dollar and yen rose against a basket of currencies on Wednesday as news that China would limit industrial overcapacity raised concerns over the sustainability of the current economic recovery and offset the positive impact of data showing a jump in new U.S. home sales. Although U.S. durable goods orders surged in July, the orders of non-defense capital goods excluding aircraft, which is a key measure of business demand, fell in July, suggesting challenges remain on the path to recovery. Dollar jumped to an intra-day high of 94.59 after the release of U.S. new home sales, which rose 9.6% m/m or to 433,000 in July, much higher than economists' expectation of 390,000.
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