US dollar traded higher after Yellen’s speech and positive releases in the US.
US S&P/Case-Shiller Home Price Indices released by the Standard & Poor's registered a rise of 4.5% in December 2014, compared to the same month a year ago.
US Services Purchasing Managers Index (PMI) released by Markit Economics registered a reading of 57.0 in February 2015, compared to the last reading of 54.2.
US Consumer Confidence released by the Conference Board came in at 96.4 in February 2015, compared to the last reading of 102.9 and expectation of 99.6.
EURUSD and GBPUSD fell sharply, but was seen holding ground around important levels.
S&P/Case-Shiller Home Price Indices (US Dollar)
US markit services PMI (US Dollar)
US consumer confidence (US Dollar)
US Session Roundup
Today, during the NY session, there were a few important events lined up including a speech from the fed chairwoman Janet yeller, services PMI and the consumer confidence. In her speech, Yellen stated that the fed will reduce balance sheet gradually, and will raise rates when reasonably confident on inflation.
US Services PMI
The US Services Purchasing Managers Index (PMI) was released by Markit Economics. The forecast was lined up for a decline from 54.2 to 54.1 in February 2015. However, the outcome was on the higher side, as the US Services Purchasing Managers Index (PMI) increased to 57.0. There was a sharp rise in the services payroll numbers in February, which marks five years of sustained jobs growth and was the fastest since November 2014.
Moreover, the report mentioned that the Growth of new business rose from the preceding month, and was the sharpest for four months. Client’s demand boosted in February, which was a positive sign in the near term. Chris Williamson, chief economist at Markit stated in the report that “stronger growth of service sector activity in February puts a June Fed rate rise firmly back on the table”.
The US Consumer Confidence was also released by the Conference Board. The outcome was a bit lower, as the US consumer confidence came in at 96.4 in February 2015, which was lower than the last reading of 102.9.
The Futures for the Dow Jones Industrial Average was seen trading a touch higher towards to 18,134, and the S&P 500 index was trading flat around the 2107 level. The US dollar was seen trading higher against most major currencies and might continue to do so.
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