UK Services PMI 12/03/09
4:30am (NY Time) UK Service PMI Forecast 57.1 Previous 56.9
ACTION: GBP/USD SELL 55.00 BUY 59.00
Definition:
“The Chartered Institute of Purchasing and Supply (CIPS) Services Purchasing Manager’s Index (PMI) 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 nations 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.”
Update: This is pre-news trading with profits
