Daily Market Roundup: US ? Feb 20

Daily Market Roundup: US ? Feb 20

By: James Ansher | Where To Trade | On:20-02-2015 16:09
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Key Highlights

  • GOLD bounced from an important support area one more time, and held the $1200 support area.

  • Canadian Retail Sales released by the Statistics Canada declined by 2% in December 2014, compared to the preceding month.

  • Canadian core retail sales also fell by 2.3% whereas the market was expecting only -0.8%

  • USDCAD traded higher after the Canadian retail sales release and traded back above the 1.25 area.

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

Key Releases:

Canadian retail sales (Canadian Dollar)

US manufacturing PMI (US Dollar)

US Session Roundup

The NY session started with a release in Canada. The Canadian Retail Sales report was released by the Statistics Canada. The market was expecting the retail sales to decrease by 0.4% in December 2014, compared to the preceding month. However, the outcome was a lot lower, as the Canadian Retail Sales declined by 2% whereas there was an increase of 0.4% last time. According to the report, this was the largest decline since April 2010. When we look at the sectors, then the sales at gasoline stations dropped by 7.4%, which was the sixth straight monthly fall and one of the biggest declines since December 2008.

The Canadian core retail sales also fell sharply this time, and declined by 2.3% in December 2014. When we speak of positives, the largest rise was from 1.0% gain at food and beverage stores, and the sales at supermarkets and other grocery stores fell by only 0.1%. Overall, the outcome was on the lower side, and weighed on the Canadian dollar.

US Manufacturing PMI

The US Manufacturing Purchasing Managers Index (PMI) was released by the Markit Economics. The forecast was lined up for a decline in February. However, the outcome was on the positive side, as the US Manufacturing PMI increased to 54.3. The US dollar was not affected a lot after the release. The USDCHF was on the other hand traded lower by around 20 pips.

The Futures for the Dow Jones Industrial Average fell to 17,925, and the S&P 500 index fell by 8 points to 2,089. Moreover, the Futures for the Nasdaq 100 index was down to 4913.

Looking Ahead

The US dollar might close the week with a positive tone with the EURUSD trading in the bearish zone. Other majors are also trading in the negative zone ahead of the weekend.

James Ansher

James Ansher

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