US ISM Non-Manufacturing PMI 08/05/09

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10:00am (NY Time) US ISM Non-Manufacturing PMI Forecast 48.1 Previous 47.0

Definition
The Institute of Supply Management (ISM) Non-Manufacturing Index measures the activity level of purchasing managers in the services 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.

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Update
PMI came out worse than expected and sparked a flow of risk aversion movement that started with the ADP data. But since we didn’t get the deviation that I was looking for to maintain a steady flow of risk aversion movement, I decided to go against the move and went LONG on both GBP/JPY and EUR/JPY right along the bottom of the move… the result was about 60+ pips of gain. Not a bad trade…

About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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