Daily Market Roundup: US ? April 1

Daily Market Roundup: US ? April 1

By: Simon Furman | Where To Trade | On:01-04-2015 10:24
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Key Highlights

  • US dollar trading mixed ahead of important releases lined up this week and Easter holidays.

  • US Employment Change released by the Automatic Data Processing, Inc. registered a reading of 189K in March 2015, compared to the forecast of 225K.

  • US Institute for Supply Management (ISM) Manufacturing Index registered a decrease from the last reading of 52.9 to 51.5 in March 2015.

  • US Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics came in at 55.7 in March 2015.

Key Releases:

US ADP employment change (US Dollar)

US ISM manufacturing index (US Dollar)

US manufacturing PMI (US Dollar)

US ADP Employment Change

Earlier during the NY session, the US Employment Change i.e. a measure of the change in the number of employed people in the US was released by the Automatic Data Processing, Inc. The market was expecting it to post an increase of 225K jobs in March 2015, compared to the preceding month. However, the outcome was below the forecast, as the US ADP employment change posted an increase of 189K. This caused a minor downside reaction in the US dollar after the release.

US ISM Manufacturing Index and Markit PMI

Later, the US Institute for Supply Management (ISM) Manufacturing Index was released, which represents business conditions in the US manufacturing sector. The forecast was lined up for a decrease from the last reading of 52.9 to 52.5 in March 2015. However, the outcome was on the lower side, as the US Institute for Supply Management (ISM) Manufacturing Index declined to 51.5. This was on the disappointing side, and weighed on the US dollar in the short term.

Moreover, the US Manufacturing Purchasing Managers Index (PMI) was also released by the Markit Economics. The market was expecting was expecting it to stay around the 55 level. The outcome was around the expectation, and in fact the US Manufacturing Purchasing Managers Index jumped from the last reading of 55.1 to 55.7 in March 2015. The report mentioned that the output and the new orders rebounded in March 2015, and job creation accelerated at a faster pace than expected.

Looking Ahead

The Futures for the Dow Jones Industrial Average stayed lower and was trading around the 17,600 level. The S&P 500 index fell a few points to trade near 2,050.

The USDJPY pair was one of the worst performing US dollar pairs, as it declined heavily. It tested the 119.40 support level after releases during the NY session.  

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