Daily Market Roundup: US ? March 02

Daily Market Roundup: US ? March 02

By: James Ansher | Where To Trade | On:02-03-2015 16:51
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Key Highlights

  • US dollar traded a touch lower against the Euro and a few other major currencies, as the economic releases in the US missed the forecast.

  • In the US, the Personal Income released by the Bureau of Economic Analysis, Department of Commerce registered a gain of 0.3% in January 2015, whereas the expectation was if an increase of 0.4%.

  • US personal spending decreased by 0.2%, compared to the forecast of -0.1%.

  • US Institute for Supply Management (ISM) Manufacturing Index registered a decrease from the last reading of 53.5 to 52.9 in February 2015.

Key Releases:

US ISM Manufacturing Index (US Dollar)

US Income and spending (US Dollar)

US ISM Manufacturing Index

Earlier during the NY session, the US Institute for Supply Management (ISM) Manufacturing Index was released, which represents business conditions in the US manufacturing sector. The forecast was lined up for a decline from the last reading of 53.5 to 53.1. However, the outcome was a disappointing one, as the US Institute for Supply Management (ISM) Manufacturing Index fell to 52.9 in February 2015.

The report highlighted that the out of the 18 manufacturing industries there were only 12 which reported growth in February in the order as reported by the ISM: Paper Products; Printing & Related Support Activities; Furniture & Related Products; Primary Metals; Nonmetallic Mineral Products; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing, and so on. The outcome was not that bad, but we cannot overlook the fact that it missed the forecast and registered a decline.

The report further added that the Production Index managed to register 53.7%, which is around a 2.8% decrease from the January reading of 56.5 percent. Moreover, the Employment Index fell by close to 2.7% to register a reading of 51.4%.

There was one more release lined up in the US, as the Manufacturing Purchasing Managers Index (PMI) was released by the Markit Economics. The forecast was lined up for a reading of 54.3, but the outcome was on the higher side. The US Manufacturing Purchasing Managers Index climbed from the last reading of 53.9 to 55.1 in February 2015. The report added that the higher new orders was one factor leading to an accumulation of backlogs of work in February.

Looking Ahead

The Futures for the Dow Jones Industrial Average was again seen in green with a gain of 75+ points to 18,211 and the S&P 500 index was broadly up by 4 points to 2109.

James Ansher

James Ansher

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