10:00am (NY Time) US ISM Manufacturing PMI Forecast 50.6 Previous 48.9
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.
Risk sentiment initially drove the market only to be USD sentiment taking over. As I explain different factors prior and post news releases, I urged everyone to stay out until the sentiment is over… then about 90 minutes after the release we jumped in on a trade following market cycle and pre-dominant trend, picked 30 immediately on record, but in real account we held the trade for about 100 pips of profit. Overall 142 pips for the day and counting.