10:00am (NY Time) US ISM Non-Manufacturing PMI Forecast 48.3 Previous 46.4
“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.”
Once again we got as expected release figures, which surprisingly moved the market with an initial renewed sense of risk appetite, then the market quickly retraced back to the pre-release levels. One of the components (Prices Paid) in the ISM Non-Manufacturing PMI went up surprisingly by 20 points, which was responsible to the initial spike. Overall today was a directionless day and by staying out of the market, we’ve avoided possible mistakes or loss of money. All in all I am happy, and if you understand that not trading is also a part of news trading, you’ll also be happy as I am.