Jeff Atwood stresses on the importance of typing for programming. Though I whole heartedly agree for myself, this issue can be as personal as religion.
I was pretty much a two-finger typist when I started my professional programming career. Productivity through typing was a non-issue. However, it did become a pain when I had to work on a Unisys A Series machine programming in Algol. What was the difference? Not the platform or the language, it was the tools. The IDEs provide features like intellisense that compensate for lack of typing skills. Or so I thought!
After learning touch typing, I realized that smooth typing only helped me program smoother. I have also started to remember more, and rely lesser and lesser on intellisense. I was faster with touch typing than with tools which helped me type. I now like my good old vim, as a clutter-free and fast environment on multiple platforms, to program. As Jeff says, I now spend lesser time in expressing my thoughts into code.
However, I have met those who use their IDEs and such tools so efficiently that typing is not necessary for them. I do not know if they will be more productive with touch typing. Afterall it is not that helpful when you type two alphabets, wait for a second and then use tab to type the word. And then again, typing a programming language is a lot different than typing a natural language, which is where the touch typing is geared at. And you guessed right, unlike Jeff or me, they do not think there is much common in programming and writing.
Though I think touch typing helps me program better, I cannot say the same for you. It will depend on your personal inclination as a programmer. The point is about speed and productivity.