The US market traded lower today after a series of disappointing economic data during the NY session

The US market traded lower today after a series of disappointing economic data during the NY session

By: Oliver Miller | Where To Trade | On:18-02-2015 15:59
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Key Highlights

  • US housing starts and building permits report came as a disappointment and pushed the US stock futures lower during the NY trading.

  • US Building Permits released by the US Census Bureau, at the Department of Commerce registered a reading of 1.05M whereas the market was expecting it to be 1.069M.

  • US Housing Starts was on the lower side with a reading of 1.065M in January 2015, compared to the forecast of 1.070M.

  • US Producer Price Index released by the Bureau of Labor statistics, Department of Labor registered a decline of 0.8% in January 2015, compared to the last decline of 0.3%.

  • US Industrial Production released by the Board of Governors of the Federal Reserve gained by 0.2% whereas the expectation was of 0.3% in January 2015.

Key Releases:

US Building permits and housing starts (US Dollar)

US PPI (US Dollar)

US Industrial Production (US Dollar)

US Session Roundup

The US market traded lower today after a series of disappointing economic data during the NY session. The Dow Jones Industrial average trimmed 16 points to 17,985, and the S&P 500 index dropped by around 2 points to 2,093. However, the US dollar was seen heading higher against the Swiss franc, as it traded towards the 0.9410 resistance area.

There were some important releases lined up in the US today, including the Building Permits, Housing Starts, Producer Price Index and Industrial Production. The first in line was the US Building Permits released by the US Census Bureau, at the Department of Commerce. The forecast was slated for a reading of 1.069M in January 2015, but the outcome was lower as the US building permits were at a seasonally adjusted annual rate of 1,053,000.

The report mentioned that the single-family authorizations came in at a rate of 654,000, which was 3.1%.

The US Producer Price Index was also released by the Bureau of Labor statistics, Department of Labor. The forecast was slated for a decline of 0.4% in January 2015, compared to the preceding month. However, the outcome was not in line with the expectation as the US PPI declined by 0.8%.

Looking Ahead

There is a monster event lined up, as the FOMC meeting minutes will be published. The market is aligning for the event and it looks like there might be some action in the US dollar.

The Euro and the British pound were seen trading lower ahead of this event and more losses area possible moving ahead.

Oliver Miller

Oliver Miller

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