Daily Market Roundup: US ? March 11

Daily Market Roundup: US ? March 11

By: Oliver Miller | Where To Trade | On:11-03-2015 17:47
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Key Highlights

  • New Zealand dollar moved lower against the US dollar ahead of the all-important interest rate decision by the RBNZ.

  • In the US, the MBA Mortgage Applications released by the Mortgage Bankers Association registered a decline of 1.3%, compared to the last increase of 0.1%.

  • US MBA Purchase Index stood at 173, up from the last reading of 169.8.

  • Portugal Consumer Price Index released by Statistics Portugal registered decline of 0.2% in February 2015, compared to the same month a year ago.

Key Releases:

US MBA Mortgage Applications (US Dollar)

US MBA Purchase Index (US Dollar)

Portugal CPI (Euro)

US MBA Mortgage Applications

Earlier during the NY session, the US MBA Mortgage Applications i.e. a leading indicator of the U.S Housing Market was released by the Mortgage Bankers Association. The outcome was a touch on the disappointing side, as the US MBA Mortgage Applications posted a decline of 1.3% on a seasonally adjusted basis from one week earlier, compared to the last increase of 0.1%. Moreover, when we consider the unadjusted basis then it registered a decline of 1% compared with the previous week. This was lower compared to the market expectation.

There were some other things to note from the report including the Refinance Index, which fell by around 3% from the previous week. This is also one of the lowest levels since January 2015. Furthermore, the Purchase Index was one which posted a rise of 2% from one week earlier in the seasonally adjusted terms. Lastly, considering the unadjusted basis the Purchase Index managed to post a gain of 3%, which was about 2% higher in terms of the yearly change.

Overall, there was nothing much to look into the price action of the US dollar after the release and it is mostly likely to remain a quiet session after serious decline in EURUSD.

Portugal CPI

Earlier during the London session, the Portugal Consumer Price Index was released by Statistics Portugal. The market was expecting a decline of 0.2% in February 2015, compared to the same month a year ago. The outcome was as expected, but failed to help the Euro in any manner as it continued to move lower towards 1.0550.

Moving Ahead

Futures for the Dow Jones Industrial Average managed to pullback from the lows and traded higher by around 45 points to 17,705 and the S&P 500 index was close to 2,046. The US dollar was broadly higher today against most major currencies.  

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