We saw a rebound today in ISM Manufacturing Index when it came in at a surprising 51.4 versus the consensus of 50.0, showing slight growth in December from November. Also, the ISM manufacturing prices paid came in at 47.5 versus the consensus of 54.0 – this reflects slower demand and a let-up in raw material pressures.
The market’s bullish dollar sentiment was right as it immediately got a boost, but we are seeing a stall right now as we still have one more economic event to go today with the FOMC Meeting Minutes at 2:00 pm EST. We will hopefully get some insight on the Fed’s current thoughts on the US economy.
Since a substantial move has already been made and price action subdued at the moment, there will be no trade. I may come up with an idea before the Minutes release, so say tuned or check your emails around that time!