Daily Market Roundup: US ? March 06

Daily Market Roundup: US ? March 06

By: James Ansher | Where To Trade | On:06-03-2015 17:26
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Key Highlights

  • US dollar has no reason to stay down, as it climbed back higher after solid labor market report.

  • In the US the Nonfarm Payrolls and unemployment rate was be released by the US Department of Labor, which exceeded the market forecast with NFP at 295K.

  • US unemployment rate ticked down from 5.7% to 5.5% in February 2015.

  • Majors such as EURUSD, AUDUSD, NZDUSD and GBPUSD were seen weakening after the release.

  • Canadian Building Permits released by the Statistics Canada registered a decline of 12.9% in January 2015.

Key Releases:

US NFP (US Dollar)

US unemployment rate (US Dollar)

Canadian building permits (Canadian Dollar)

US initial Jobless Claims

Earlier during the NY session, the Nonfarm Payrolls and unemployment rate was be released by the US Department of Labor. The forecast was lined up for an increase to 240K in February 2015, compared to the last reading of 259K. However, the outcome was on the positive side, as the US nonfarm payroll employment increased by 295,000 in February, which was a lot more compared to the expectation. This was not all as the US unemployment rate also fell from 5.7% to 5.5%. 

The report mentioned that the unemployment rate and the number of unemployed persons fell by more than 1.5% meaning around 1.7 million. This shows that the US economy is improving and more jobs were created in the recent past. Moreover, the number of long-term unemployed people was mostly around the previous levels, but over the past one year the number of long-term unemployed fell by around 1.1 million.

Furthermore, employment in professional and business services showed a lot of improvements as it rose by 51,000 in February, and when we consider the yearly change, then it increased by 660,000.

The US dollar surged higher with the USDJPY pair best performer. The USDJPY pair climbed above the 120.60 level and almost tested the 121.00 level. There is no doubt that more gains in the US dollar is likely in the near term after this report.

There was a release in Canada as well. The Canadian Building Permits was released by the Statistics Canada. The outcome was not in line with the expectation, as the Canadian Building Permits declined by around 12.9% in January 2015.

Looking Ahead

The stock market cheered the gains in the US labor market and the Futures for the Dow Jones Industrial Average continued to stay in green around 18,130 and the S&P 500 index around 2,101.  

James Ansher

James Ansher

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