Daily Market Roundup: US ? March 10

Daily Market Roundup: US ? March 10

By: Ben Myers | Where To Trade | On:10-03-2015 17:44
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Key Highlights

  • EURUSD attempting to form a base around the 1.0720 level as the US dollar was seen correcting against most major currencies.

  • In the US, the NFIB Business Optimism Index registered a reading of 98 in February 2015 whereas the market was expecting 99.2.

  • US JOLTS Job Openings i.e. a survey done by the US Bureau of Labor Statistics registered a reading of 4.998M whereas the expectation was of 5.053M.

  • US Wholesale Inventories released by the US Census Bureau registered an increase of 0.3% whereas the expectation was of no gain.

Key Releases:

US NFIB Business Optimism Index (US Dollar)

US JOLTS Job Openings (US Dollar)

US Wholesale inventories (US Dollar)

US NFIB Business Optimism Index

Earlier during the NY session, the NFIB Business Optimism Index, which a survey for small business economic trends was released for February 2015. The forecast was lined up for an increase from 97.9 to 99.2 in February 2015, compared to the preceding month. However, the outcome was below the forecast, as the NFIB Business Optimism Index came in at 98. However, there was an increase from the last reading by 0.1 point.

The report stated that the out of the ten Index components, the largest gain was posted by the owners reporting hard-to-fill openings which climbed by 3 points. Speaking about the recent release, Bill Dunkelberg, NFIB Chief Economist mentioned in the report that “in spite of slow economic activity and awful weather in a lot of the country, small business owners are finding reasons to hire and spend which is great news”.

US Wholesale Inventories

There was one more release lined up in the US i.e. the Wholesale Inventories was released by the US Census Bureau which captures sales and inventory statistics from the second stage of the manufacturing process. The market was expecting no change in January 2015, compared to the preceding month. However, the outcome was above the forecast, as the US Wholesale Inventories gained by 0.3%. There was a negative side as well due to the revision in the last reading from 0.1% to 0%. Overall, the data was on the positive side, but the US dollar was seen trading a touch lower.

Moving Ahead

There was a pullback noted in the futures. Futures for the Dow Jones Industrial Average fell by around 230 points to 17,750 and the S&P 500 index was down by 25 points to 2,053. The US dollar also corrected lower.

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