Daily Market Roundup: US ? March 03

Daily Market Roundup: US ? March 03

By: Ben Myers | Where To Trade | On:03-03-2015 17:14
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Key Highlights

  • Canadian dollar finally gained a few bids against the US dollar, as the Canadian GDP released today exceeded the market forecast.

  • Canadian Gross Domestic Product released by the Statistics Canada managed to register an increase of 0.3% in January 2015, compared to the preceding month.

  • Canadian Industrial Product Price declined by 0.4% whereas the market was expecting a decline of 0.7%

  • Canadian Raw Material Price Index declined by 7.7%, which was more than the forecast of 6%.

Key Releases:

Canadian GDP (Canadian Dollar)

Canadian Industrial Price Index (Canadian Dollar)

Canadian GDP

Earlier during the NY session, the Canadian Gross Domestic Product was released by the Statistics Canada, which represents the total value of all goods and services produced by Canada. The forecast was lined up for an increase of 0.2% in January 2015, compared to the preceding month. However, the outcome was a positive one, as the Canadian Gross Domestic Product rose by 0.3%. In terms of the yearly change, the GDP climbed by 2.4% in the fourth quarter of 2014, compared to the same quarter a year ago.

The report stated that the household final consumption expenditure managed to rise by around 0.5%, which was one of the main contributors to economic growth in the fourth quarter of 2014. On the other hand, the gross fixed capital formation fell by 0.1%, and lastly the domestic demand gained 0.4%. Overall, the report highlighted improvement in economic growth of Canada. The reaction in the Canadian dollar was also accordingly, as the USDCAD pair spiked lower after the release and was seen trading towards the 1.2450 support area.

The report further added that the Canadian exports of goods and services declined by 0.4%, which was disappointing as the previous gain was of 2.2% in the preceding quarter. Moreover, exports of goods also declined, but on the positive side imports increased by 0.4%. One key aspect to note was that major industrial sectors increased production in the fourth quarter of 2014.

The US dollar was seen weakening against the Canadian dollar, as the USDCAD pair gained downside momentum.

Looking Ahead

In the US stock market, Best Buy Co. was seen gaining ground, as the quarterly profit was released, which posted better than expected figures.

The Futures for the Dow Jones Industrial Average continued to trade in green around 18,280 and the S&P 500 index remained above the 2,115 level. Overall, the market was trading with a positive tone during the NY session.

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Ben Myers

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