The ISM Manufacturing Takes the First Shot

Daily Forex Fundamentals | Written by Crown Forex | Sep 02 08 14:57 GMT |


The day in general was just a continuation for the undergoing trend since about a month, more dollar strength, and very heavy losses in the pound and the Euro in specific, but in today’s U.S. session things were a little bit different.

The only due number was the ISM manufacturing index that came out less than the previous and the expectations of 50, it actually came out at 49, which is still a sign of a contraction in the economy, while the currencies has already rebounded from their lowest levels in the beginning of the session, dollar continued to lose some of its gains after the release.

Euro, and after recording an important low at 1.4467 climbed after the ISM number to about 1.4540, almost 50 points from before the release, not yet recording any daily high, which still resides at 1.4600.

The British pound, who already lost almost five cents in two days rebounded as well from a very important support level at 1.7780 reaching after the news to 1.7880, while both currencies are waiting for their rates decisions that will be released on Thursday, along with major economical fundamentals all over the week.

The Japanese yen eventually started moving, and from a low of 107.70 reached in the U.S. session to a high of 109.20, but with such bad economical fundamentals from the states, the pair declined again to 108.80 levels, waiting for more confirmation to continue the move, and to face the important resistance at 109.30.

Tomorrow will be a new day with more focus on the European Zone rather than any other, but up till now, those current currency levels are likely to be maintained since they are very critical, and because such lows achieved by currencies today are very hard to be broken with no big market mover…

Crown Forex

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