The US market traded with a nervous tone today as the latest news on Greece was on the mind of investors

The US market traded with a nervous tone today as the latest news on Greece was on the mind of investors

By: Ben Myers | Where To Trade | On:17-02-2015 10:00
Back

Key Highlights

  • US market remained mostly in red due to the Greece deadlock and tensions surrounding the Euro area.

  • Canadian investment in foreign securities released by the Statistics Canada registered a reading of $13.89B, compared to the last revised reading of $1.83B.

  • In the U.S. the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York declined from the last reading of 9.95 to 7.78 in January 2015.

  • US NAHB Housing Market Index released by the National Association of Home Builders fell from 57 to 55 whereas the market was expecting a minor rise to 58.

Key Releases:

Empire State Manufacturing Survey (US Dollar)

NAHB Housing Market Index (US Dollar)

Canadian investment in foreign securities (CAD)

US Session Roundup

The US market traded with a nervous tone today as the latest news on Greece was on the mind of investors. The S&P 500 headed a bit lower and initially weakened by around 0.3% to trade toward the 2,090 level. The Dow Jones Industrial Average also suffered losses and fell by 0.3% to challenge the 17,970 level. Moreover, the Nasdaq Composite declined by 8 points to test the 4,885 support area.

There were some important releases lined up in the US today, including the Empire State Manufacturing Survey and NAHB Housing Market Index. The first one was the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York. The forecast was of a decline in January 2015 from 9.95 to 8.50. However, the outcome was on the lower side, as the NY Empire State Manufacturing index came in at 7.78.

The report mentioned that the new orders index dived by around 5 points to 1.2 and the shipments index climbed to 14.1. Moreover, the employment index registered a rise which was something to take notice from the report.

The US NAHB Housing Market Index was also released by the National Association of Home Builders, which was on the negative side. It registered a decline of 2 points from 57 to 55, compared to the forecast of a 1 point rise to 58.

Looking Ahead

The US dollar weakened a bit initially, but later managed to gain ground. One of the best performing US dollar pairs was the USDJPY pair, which traded towards the 119.00 level. The EURUSD pair traded towards the 1.1420 level one more time, but failed to gain traction.

Moving ahead, the BOJ interest rate decision is one of the major releases lined up during the Asian session.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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