10:00am (NY Time) US ISM Manufacturing PMI Forecast 53.9 Previous 52.9
“The Institute of Supply Management (ISM) Manufacturing Index measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation´s currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company´s performance, which can be a leading indicator of overall economic performance”
Release was worse than expected and the market reacted with little momentum due to Bernake’s speech and pre-market pricing in… I saw a chance to buy EUR/JPY from the bottom and picked up 12 pips in the process… Could have been a better day, but a positive day is a positive day indeed.