Daily Market Roundup: US ? April 8

Daily Market Roundup: US ? April 8

By: Simon Furman | Where To Trade | On:08-04-2015 10:44
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Key Highlights

  • British pound remains one of the best performers of the day against the US dollar, as the forex market awaits the FOMC meeting minutes.

  • In the US, the MBA Mortgage Applications released by the Mortgage Bankers Association registered an increase of 0.4%, compared to the last increase of 4.6%.

  • US MBA Purchase Index came in at 201.8, up from the last reading of 189.8.

  • FOMC Minutes will be released by the Board of Governors of the Federal Reserve later, which might cause a lot of moves in the US dollar.

Key Releases:

US MBA Mortgage Applications (US Dollar)

US MBA Purchase Index (US Dollar)

FOMC meeting minutes (US dollar)

US MBA Mortgage Applications

Earlier during the NY session, the US MBA Mortgage Applications i.e. a leading indicator of the U.S Housing Market was released by the Mortgage Bankers Association. The outcome was well below the expectation, as the US MBA Mortgage Applications registered a rise 0.4% on a seasonally adjusted basis from one week earlier, compared to the last increase of 4.6%. This failed to help the US dollar, as it was seen trading lower.

 

There was one more release recently by the MBA i.e. the Mortgage Credit Availability Index (MCAI) which analyzes data from Ellie Mae's AllRegs Market Clarity business information tool. It was on the higher side, as the MCAI registered a rise of 2.3 percent to 121.4 in March 2015, which means there was a loosening of credit. In the report the MBA's Chief Economist, Mike Fratantoni stated that a “number of factors contributed to a loosening of credit in March. All four component indexes of the MCAI increased last month: jumbo, conforming, conventional, and government.  Although credit remains tight by historical standards, this increase in availability, coupled with low rates and job market strength, should lead to stronger home purchase activity this spring”.

Moving Ahead

The FX and stock market is waiting patiently for the FOMC meeting minutes, which has the potential of creating swing moves in the US dollar. Some pairs such as EURUSD and AUDUSD remain at risk of more declines, and if there is any optimism in the minutes published, then the US dollar might gain ahead.

Futures for the Dow Jones Industrial Average managed to gain a bit and traded higher by around 30 points to 17,905 and the S&P 500 index was seen trading close to the 2,080 level.  

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