Article Highlights

  • US manufacturing PMI prints at 56.4 vs. 56.2 expected
  • US ISM manufacturing PMI settles at 55.4 vs. 55.5 expected and 54.9 previous
Partner Center Find a Broker

The Greenback started the U.S. trading session strong against its major counterparts as a bit of risk aversion hit the markets. Weak reports from the London session pushed the low-yielding currency higher against the pound, euro, yen, and the comdolls in the first hour of trading.

The U.S. ISM manufacturing PMI was a headliner for the day as it had to be revised THREE times before investors saw the final number. This caused a ruckus among major dollar pairs at the time but it was eventually considered dollar bullish with USD/JPY even testing the 102.50 area.

By the end of the session EUR/USD was down by almost 20 pips to just below 1.3600, GBP/USD was unchanged at 1.6746, USD/JPY was up 30 pips to 102.38, and USD/CHF was up by 13 pips to .8987.

Let’s see if the Asian session traders will extend the dollar’s gains with today’s reports. China is back in the markets with a slightly worse-than-expected HSBC manufacturing PMI.

Today’s also a big day for Australia with the retail sales report on tap at 1:30 am GMT, followed by the RBA’s monetary policy statement at 4:30 am GMT. Analysts aren’t expecting policy changes from the central bank but keep an eye out for changes to its biases!

See also:

London Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!