Daily Market Roundup: US ? March 26

Daily Market Roundup: US ? March 26

By: Ben Myers | Where To Trade | On:26-03-2015 09:50
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Key Highlights

  • US dollar managed to correct higher against a basket of currencies, including the Euro and the Aussie dollar.

  • US Initial Jobless Claims released by the US Department of Labor decreased from the last reading of 291K to 282K.

  • US Services Purchasing Managers Index (PMI) released by Markit Economics posted a reading of 58.6 in March 2015, compared to the last reading of 57.1.

  • US continuing jobless claims came below the forecast and posted a reading of 2.416M.

Key Releases:

US initial jobless claims (US Dollar)

US services PMI (US Dollar)

US continuing jobless claims (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 lined up for a small decrease from 291K to 290K in the week ending March 21, as per the advance figure for seasonally adjusted. However, the outcome was better than the expectation, as the US Initial Jobless Claims fell to 282K. The report stated that the 4-week moving average now stands around the 297,000,level, which is 7,750 less than compared to the previous week's unrevised average of 304,750.

The US continuing jobless claims report was also released along the initial jobless claims. This end result was a bit on the lower side when compared to the forecast, as it registered a reading of 2.416M, which was more than the forecast of 2.403M. The last reading was also revised up to 2.422M. The 4-week moving average now stands around the 2,422,250 level, which is 3000 more than the previous week's revised average of 2,419,250.

When we look at the unadjusted data, then the advance number of actual initial claims was 247,256 in the week ending March 21, which was also on the lower by 12,986 compared to the previous week.

US Services PMI

There was one more release in the US, as the Services Purchasing Managers Index (PMI) was released by Markit Economics. The outcome was on the higher side, as it climbed to 58.6 from the last reading of 57.1 in March 2015.

Market Reaction

Overall, the data was above the forecast, and helped the US dollar to recover some ground. It traded lower earlier during the London session and later recovered.

The Futures for the Dow Jones Industrial Average continued to stay in the negative zone despite solid releases in the US and fell to 17,682, and the S&P 500 index was also down to trade near 2,057.

 

 

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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