Daily Market Roundup: US ? March 20

Daily Market Roundup: US ? March 20

By: Darryl Frankfort | Where To Trade | On:20-03-2015 09:37
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Key Highlights

  • US dollar slide continued as the recent releases in the US failed to match the expectation.

  • US Existing Home Sales, released by the National Association of Realtors increased by 1.2% in February 2015, compared to the preceding month whereas the market was expecting 1.8%.

  • Market was expecting the US Existing Home Sales to stay at 4.90M, but it posted a reading of 4.88M.

  • EURUSD spiked higher and broke the 1.0900 resistance area to challenge the 1.0950 level.

Key Releases:

US existing home sales (US Dollar)

Euro are consumer confidence (Euro)

US Existing Home Sales

Earlier during the NY session, the US Existing Home Sales i.e. an estimated value of housing market conditions and a sensitive factor to the US economy was released by the National Association of Realtors. The market was expecting it to increase by 1.8% in February 2015, compared to the preceding month. However, the outcome missed the mark, as the US Existing Home Sales gained only by 1.2% to 4.88M, compared to the forecast of 4.90M. The report highlighted that the sales were around 4.7% more when compared to the same month a year ago plus above the yearly change totals for the fifth consecutive month. Moreover, the median existing-home price also increased by more than 7% to $202,600, which is the 36th consecutive month increase and the largest since February 2014.

In the report, the NAR chief economist, Lawrence Yun, stated that “although February sales showed modest improvement, there’s been some stagnation in the market in recent months. Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels”. The US dollar was seen losing some ground after the release, as the outcome was a bit lower compared to the forecast, as the market ignored the fact that there was net improvement.

Moving Ahead

Futures for the Dow Jones Industrial Average continued to stay in the positive territory with gains of around 50 points to 18,170, and the S&P 500 index gained by 4 points to 2,112. NASDAQ was trading flat at 5,026.

In short, the U.S. stocks managed to maintain gains despite weaker-than-expected existing-home sales figures. This was mainly due the fact that the market is solely focused on the from Federal Reserve officials regarding a possible rate hike and related scenarios.

The EURUSD pair climbed above the 1.0900 level, which was proving to be a major barrier to the Euro sellers in the near term.

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