Daily Market Roundup: US ? March 24

Daily Market Roundup: US ? March 24

By: James Ansher | Where To Trade | On:24-03-2015 09:41
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Key Highlights

  • US dollar failed to recover despite better than expected consumer price index report.

  • In the US, the Consumer Price Index released by the US Bureau of Labor Statistics remained flat at 0% in February 2015, whereas the market was expecting it to decline by 0.1%.

  • US Consumer Price Index (CPI) Ex Food & Energy registered an increase of 1.7% in February 2015, whereas the market was expecting it to rise by 1.6%.

  • USDCHF pair fell sharply and traded below the all-important 0.9600 support area.

Key Releases:

US CPI (US Dollar)

US Core CPI (US Dollar)

US Consumer Price index

Earlier during the NY session, the US Consumer Price Index, which represents price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the US Bureau of Labor Statistics. The forecast was lined up for a decline of 0.1% in February 2015, compared to the same month a year ago. However, the outcome was above the expectation, as the US Consumer Price Index remained flat at 0% on a seasonally adjusted basis. In terms of the monthly change, the US CPI increased by 0.2% in February 2015, compared to the preceding month just as the market expected.

The report mentioned that when we consider the seasonally adjusted change, there the rise in the CPI was broad-based, as there were contributions from shelter, energy, and food indexes. Moreover, the energy index also climbed by 1.0%, and the food index was flat last month.

The US core CPI i.e. the index for all items less food and energy managed to rise by 0.2% in February 2015. The rise came from the contribution from the indexes for used cars and trucks, apparel, new vehicles, tobacco, and airline fares, as per the report published.

Market Reaction

Overall, the data was not on the negative side, but there was a downside reaction in the US dollar. However, later it was seen recovering the ground especially against the Swiss franc.

The Futures for the Dow Jones Industrial Average was mostly unchanged during the NY and was trading around the 18,108 level, and the S&P 500 index was seen trading around the 2,104 level.

The USDCHF pair broke an important support today at 0.9600, which opened the doors for more downsides in the near term. The next level of interest as a support can be seen around the 0.9540 level.

James Ansher

James Ansher

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