Daily Market Roundup: US ? March 05

Daily Market Roundup: US ? March 05

By: Darryl Frankfort | Where To Trade | On:05-03-2015 17:21
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Key Highlights

  • BOE and ECB interest rate decisions were the highlight today, as both the central banks kept the interest rates unchanged.

  • In the US the Challenger Job Cuts released by Challenger, Grey & Christmas came in at 50.579K in February 2015, compared to the same month a year ago.

  • US Initial Jobless Claims released by the US Department of Labor increased to 320K whereas the market was expecting it to stay at 295K.

  • EURUSD was seen gaining some pace and made an attempt to correct higher in the near term.

Key Releases:

US initial jobless claims (US Dollar)

US challenger jobs (US Dollar)

BOE interest rate decision (British pound)

ECB interest rate decision (Euro)

US initial Jobless Claims

Earlier during the NY session, the Initial Jobless Claims was released by the US Department of Labor. The forecast was lined up for a decrease from 313K to 295K in the week ending February 28 as per the advance figure for seasonally adjusted. However, the outcome was on the negative side, as the US Initial Jobless Claims increased was 320K. The report stated that the 4-week moving average now stands around the 304,750 level, which is 10,250 more than compared to the previous week's unrevised average of 294,500.

The US continuing jobless claims data was also released along the initial jobless claims. This was also on the disappointing side, as it registered a reading of 2.421M, which was more than the forecast of 2.400M. The last reading was also revised up to 2.404M. The 4-week moving average now stands around the 2,403,500, which is 3,750 more than the previous week's revised average.

Overall, the US dollar was seen taking a step back against the major such as the Euro and the British. The EURUSD was one of the best performers as it spiked sharply towards the 1.1100 level. There was some optimism noted from the ECB press conference, which helped the EURUSD pair to some extent.

One highlight was the fact that the European Central Bank will begin buying government bonds starting March 9 i.e. €1.1 trillion, which is mainly aimed at boosting growth and inflation moving ahead.

Looking Ahead

The Futures for the Dow Jones Industrial Average mostly traded around 18,100 and the S&P 500 index around 2,100. The US dollar was seen correcting lower, which can be considered as a start of a pullback in the US dollar in the near term.

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