Daily Market Roundup: US ? April 6

Daily Market Roundup: US ? April 6

By: Darryl Frankfort | Where To Trade | On:06-04-2015 10:35
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Key Highlights

  • US dollar continued to weaken against majors as buyers fail to gain strength.

  • In the US the Services Purchasing Managers Index (PMI) released by Markit Economics posted a reading of 59.2, which was well above the forecast of 58.6 in February 2015.

  • US ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) registered a reading of 56.5 in March 2015 just as the market expected.

  • US labor market conditions index (LMCI) i.e. the primary source of common variation among 19 labor market indicators came in at -0.3 in March 2015.

  • Canadian Ivey PMI measuring business conditions in Canada released by the Richard Ivey School of Business came in at 56 in March 2015, up from the last reading of 50.8.

Key Releases:

US services PMI (US Dollar)

US ISM non-manufacturing PMI (US Dollar)

US labor market conditions index (US Dollar)

Canadian Ivey PMI (Canadian Dollar)

US Services PMI

Earlier during the NY session, the Services Purchasing Managers Index (PMI) highlighting business conditions in the services sector was released by Markit Economics. The forecast was lined up for no change in February 2015. However, the outcome was a bit on the higher side, as US Services Purchasing Managers Index posted an increase to 59.2, compared to the last reading of 58.6. This was certainly better, as the performance of the service sector managed to regain some pace after a slowdown earlier this year.

The report mentioned that the business activity, new work and employment levels all managed to rise in March and that too with a better pace compared to the last month. The input cost inflation was relatively subdued and prices increase was not that large.

Commenting on the recent release, the Senior Economist at Markit Tim Moore, stated that the “latest survey highlights a strong underlying pace of US economic growth moving into the second quarter of 2015. New business trends across the service sector have picked up especially sharply from the lows seen earlier in the year, and job hiring has strengthened as a result”.

US ISM Non-Manufacturing Index

There was one more release lined up as the ISM Non-Manufacturing Index was published by the Institute for Supply Management (ISM). The outcome was around the expectation with a reading of 56.5.

Looking Ahead

The US stock market was trading with a positive tone as the Futures for the Dow Jones Industrial Average gained by 80 points to 17,845 and the S&P 500 was up to 2,077.  

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