Daily Market Roundup: US ? March 12

Daily Market Roundup: US ? March 12

By: Darryl Frankfort | Where To Trade | On:12-03-2015 17:51
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Key Highlights

  • Aussie dollar surges higher against all other major currencies, as the market was seen bidding.

  • In the US, the retail sales released by the US Census Bureau registered a decline of 0.6% in February 2015, compared to the expectation of a 0.3% increase.

  • US Initial Jobless Claims released by the US Department of Labor posted a decline from the last reading of 325K to 289K.

  • US Import Price Index was also released, which registered an increase of 0.4% in February 2015, compared to the expectation of 0.2%.

Key Releases:

US retail sales (US Dollar)

US initial jobless claims (US Dollar)

US import price index (US Dollar)

US initial Jobless Claims

Earlier during the NY session, the Initial Jobless Claims was released by the US Department of Labor. The forecast was positioned for a decrease from 320K to 305K in the week ending March 7 as per the advance figure for seasonally adjusted. However, the outcome was above the forecast, as the US Initial Jobless Claims dropped to 289K. The report stated that the 4-week moving average now stands around the 302,250 level, which is 3,750 less than compared to the previous week's unrevised average.

The US continuing jobless claims data was also published around the same time, which was also better than the forecast. It registered a reading of 2.418M, which was lower than the forecast of 2.500M. The 4-week moving average now stands around the 2,416,750, which is 12,750 more than the previous week's revised average.

US Retail Sales

Moreover, the US retail sales report measuring the total receipts of retail stores was released by the US Census Bureau. The market was expecting it to increase by 0.3% in February 2015, compared to the preceding month. However, the outcome was on the disappointing side, as the US retail sales declined by 0.6%. In terms of the yearly change, it declined by 0.1%, which was a lot lower compared to the forecast of a 0.5% gain.

Market Reaction

The US dollar continued to correct lower as the market gained momentum post the London session. The AUDUSD pair was one of the best performers with a gain of more than 50 pips, as it traded towards the 0.7720 level.

Futures for the Dow Jones Industrial Average recovered some ground after the recent losses and traded back to 17,795 and the S&P 500 index was close to 2,056. NASDAQ was also up by around 20 points to 4,870.  

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