Daily Market Roundup: US ? March 04

Daily Market Roundup: US ? March 04

By: Oliver Miller | Where To Trade | On:04-03-2015 17:18
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Key Highlights

  • US dollar continues to surge higher against most major currencies, as the Euro and British pound failed to recover.

  • In the US the Employment Change released by the Automatic Data Processing, Inc. registered an increase of 212K in February whereas the market was expecting it to stay at 220K.

  • US MBA Mortgage Applications released by the Mortgage Bankers Association gained by 0.1%, compared to the last decrease of 3.5%.

  • NZDUSD performed well and cleared the 0.7600 resistance area earlier during the NY sessions.

Key Releases:

US ADP employment change (Canadian Dollar)

US MBA mortgage approvals (Canadian Dollar)

Canadian GDP

Earlier during the NY session, the US Employment Change was released by the Automatic Data Processing, Inc. The forecast was lined up for an increase of 220K in February 2015, compared to the preceding month. However, the outcome was a bit lower, as the US ADP employment change came in at 212K on a seasonally adjusted basis. The outcome was a bit disappointing, but we cannot deny the fact that the ADP employment change posted yet another 200K plus reading. There was one more important point to note as the last reading was revised up from 213K to 250K, which was a whooping increase in jobs in January 2015.

The US MBA Mortgage Applications was released by the Mortgage Bankers Association. The outcome was above the expectation, as the US MBA Mortgage Applications increased by 0.1%, which was a lot better than the last decrease of 3.5%. Recently, Jamie Woodwell who is MBA's Vice President of Commercial Real Estate Research stated that the "Mortgages held by life insurance companies, and held and guaranteed by Fannie Mae and Freddie Mac all have 60+ day delinquency rates below one-tenth-of-one-percent.  And delinquency rates for commercial and multifamily mortgages held on bank balance sheets and in CMBS continue to decline."

Overall, the reports were in favor the US dollar, but there was no major reaction, as it was already trading around elevated levels especially against the Euro. The EURUSD pair is around multi-year lows, which is a worrying sign moving ahead.

Looking Ahead

In the US stock market, futures were seen under minor pressure as there was a slowdown noted in the private sector job growth.

The Futures for the Dow Jones Industrial Average stayed in red around 18,203 and the S&P 500 index fell close to the 2,105 level. The EURUSD and GBPUSD pair were seen under pressure during the past couple of sessions.

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