Daily Market Roundup: US ? March 16

Daily Market Roundup: US ? March 16

By: Simon Furman | Where To Trade | On:16-03-2015 09:21
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Key Highlights

  • US dollar continued to correct higher against the Euro and the British pound.

  • US Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York decreased from 7.78 to 6.90 in February 2015.

  • US Industrial Production released by the Board of Governors of the Federal Reserve registered an increase of 0.1% in February 2015, compared to the forecast of 0.2%.

  • US Capacity Utilization came in at 78.9% in February 2015, compared to the expectation of 79.5%.

Key Releases:

US Empire State Manufacturing Survey (US Dollar)

US industrial production (US Dollar)

US capacity production (US Dollar)

US NY Empire State Manufacturing Survey

Earlier during the NY session, the Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York was released measuring business conditions for New York manufacturers. The forecast was slated for an increase from 7.78 to 8 in February 2015, compared to the preceding month. However, the NY Empire State Manufacturing Survey came below the forecast and posted a decline to 6.90 in February 2015. This was on the lower side and somehow weighed on the US dollar. The EURUSD clinched on the opportunity and traded higher towards the 1.0580 level.

US Industrial Production

There was one more release lined up, as the Industrial Production representing the volume of production of US industries such as factories and manufacturing was published by the Board of Governors of the Federal Reserve. The forecast was slated for an increase of 0.2% in February 2015, compared to the preceding month. However, the outcome was lower when compared to the forecast. The US Industrial Production gained by only 0.1%.

The report stated that the index for mining was down by around 2.5% in February, which was mainly due to the decline in the indexes for coal mining and for oil and gas well drilling and servicing. There was a brighter side as well because the output of utilities gained by more than 7%. When we consider the yearly change, then the US total industrial production rose by 3.5% in February 2015, compared to February 2014.

Furthermore, the US Capacity utilization for the industrial sector was down by more than 1% to 78.9% in February 2015.

Market Reaction

Futures for the Dow Jones Industrial Average traded sharply higher by more than 170 points to 17,920 and the S&P 500 index gained by 19 points to 2,071. NASDAQ was also higher to 4,906.

GOLD remained lower and was seen trading around $1155 level.

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