Daily Market Roundup: US ? April 9

Daily Market Roundup: US ? April 9

By: Ben Myers | Where To Trade | On:09-04-2015 10:46
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Key Highlights
  • US dollar continued to stay on the top against most major currencies, as sellers have no reason to take it lower.

  • US Initial Jobless Claims released by the US Department of Labor increased from the last revised reading of 267K to 281K, but was lower compared to the forecast of 285K.

  • US continuing jobless claims came better than the forecast and posted a reading of 2.304M.

  • Canadian Building Permits released by the Statistics Canada posted a decline of 0.9% in February 2015, compared to the forecast of 5% increase.

Key Releases:

US initial jobless claims (US Dollar)

US continuing jobless claims (US Dollar)

Canadian Building permits (Canadian Dollar)

US Initial Jobless Claims

Earlier during the NY session, the US Initial Jobless Claims highlighting the number of people filing first-time claims for state unemployment insurance was released by the US Department of Labor. The forecast was lined up for an increase from 268K to 285K in the week ending April 4, as per the advance figure for seasonally adjusted. However, the outcome was better than the market expectation, as the US Initial Jobless Claims came in at 281K. However, we cannot deny the fact that there was an increase this past week. The report mentioned that the 4-week moving average now stays around the 282,250 level, which is 3,000 less when compared to the previous week's revised average of 281,500.

The US continuing jobless claims report was also a touch better than what the market expected. It posted a reading of 2.304M, which was less than the forecast of 2.356M. The last reading was revised up to 2.327M. The 4-week moving average now stays at 2,360,750, which is 27,500 less compared to the previous week's revised average.

Canadian Building Permits

In Canada, the Building Permits report stating the number of permits for new construction projects was released by the Statistics Canada. The market was expecting it to increase by 5% in February 2015, compared to the preceding month. However, the outcome was way below the expectation, as the Canadian Building Permits declined by 0.9%. However, there was a bit of improvement this time when compared to the last decline of 12.9%.

Moving Ahead

The USDCHF pair stayed higher and was seen testing the 0.9720 resistance area. More gains cannot be denied moving ahead.

Futures for the Dow Jones Industrial Average was seen trading lower by 26 points to 17,875 and the S&P 500 index was unchanged at 2,080.

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