Daily Market Roundup: US ? Feb 26

Daily Market Roundup: US ? Feb 26

By: Oliver Miller | Where To Trade | On:26-02-2015 10:01
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Key Highlights

  • US dollar surged higher against most major currencies after critical releases during the NY session.

  • In the US, the Consumer Price Index released by the US Bureau of Labor Statistics registered a decline of 0.7% in January 2015, whereas the market was expecting it to be around -0.5%.

  • US Durable Goods Orders, released by the US Census Bureau registered an increase of 2.8% in January 2015, whereas the market was expecting it to be around 1.7%.

  • US Initial Jobless Claims released by the US Department of Labor inched higher from the last revised reading of 282K to 213K.

  • Canadian Consumer Price Index (CPI) released by the Statistics Canada registered a decline of 0.2% in January 2015, whereas the market was expecting it to be around -0.4%.

Key Releases:

US CPI (US Dollar)

US initial jobless claims (US Dollar)

US durable goods orders (US Dollar)

Canadian CPI (CAD)

US Consumer Price index

Earlier during the NY session, the US Consumer Price Index was released by the US Bureau of Labor Statistics. The forecast was lined up for a decline of 0.4% in January 2015, compared to the preceding month. However, the outcome missed the mark, as the US Consumer Price Index decreased by 0.7% on a seasonally adjusted basis. In terms of the yearly change, the US CPI declined by 0.1% in January 2015, compared to the same month a year ago whereas the last time gain was 0.8%.

The report mentioned that the energy index declined by more than 9%. One of the reasons for the mentioned declined was the fall in the gasoline index, which declined by 18.7% in January, which can be considered as one of the biggest declines in a series of seven consecutive outcomes. Moreover, the food index was broadly unchanged in January.

The US core CPI i.e. the index for all items less food and energy managed to gain by 0.2% in January. The rise came from the contribution from the shelter index, which climbed by 0.3%.

Looking Ahead

The Futures for the Dow Jones Industrial Average was mostly unchanged during the NY and was trading around the 18,224 level, and the S&P 500 index fell close to 2 points to trade near 2113.

The EURUSD pair was one of the worst performers as it fell sharply below the 1.1300 support area after the economic events. The next level of interest on the downside can be seen around the 1.1220 level.

 

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