The 4-week moving average not stands at 283,250

The 4-week moving average not stands at 283,250

By: Darryl Frankfort | Where To Trade | On:19-02-2015 16:03
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Key Highlights

  • US dollar managed to gain strength during the NY trading post better than expected initial jobless claims.

  • US Initial Jobless Claims released by the US Department of Labor registered a reading of 283K whereas the market was expecting it to be 293K.

  • US Counting Jobless Claims was on the lower side with a reading of 2.425M, compared to the expectation of 2.374M.

  • USDCAD performed well, and traded higher to test the 1.2530-40 resistance area where there is a chance of sellers appearing in the near term.

  • In the stock market, Walmart was one of the key movers as it registered a decline due to raise in the wages.

Key Releases:

US Initial Jobless Claims (US Dollar)

US Continuing Jobless Claims (US Dollar)

US Session Roundup

The US market traded a touch lower after the US initial jobless claims release, which was somehow mixed but more on the positive side. The US Initial Jobless Claims was released by the US Department of Labor. The forecast was slated for a reading of 293K in the week ending February 14 and based on the advance figure for seasonally adjusted, but came in at 283K. This was a lot lower compared to the last reading of 304K. The 4-week moving average not stands at 283,250, which is 6,500 less compared to the previous week's unrevised average of 289,750.

The US Counting Jobless Claims was on the lower side, as the market expectation was of 2.374M, but the outcome was on the lower side with a reading of 2.425M. Moreover, the 4-week moving average now stand at 2.398M, which is a decrease of 9,500 from the previous week's revised average.

If we consider the unadjusted data, then the US initial claims under state programs was 278,986 in the week ending February 14 as per the report published.

The Futures for the Dow Jones Industrial Average dropped by more than 80 points to 17,946, and the S&P 500 index fell by 6 points to 2,093.47. Moreover, the Futures for the Nasdaq 100 index was up by 0.09% to 4910.94. The US dollar was seen trading higher especially against the Canadian dollar, as it gained by more than 40 pips Intraday.

Looking Ahead

There are a lot of releases lined up in the Euro area tomorrow, including the Markit manufacturing and services PMI. There can be a lot of action in EURUSD moving ahead as there is a tough fight going on between sellers and buyers.

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