News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
US ISM Manufacturing Expands In May Albeit At Slower Pace

US ISM Manufacturing Expands In May Albeit At Slower Pace

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [Manufacturing activity in the U.S. continued to expand in May, albeit at a slower rate than the month before.] > [Inventories fall; broad-based gains in new orders] > [USDJPYgains]

Manufacturing activity in the U.S. continued to expand in May, albeit at a slower rate than the month before. Economic activity in the manufacturing sector has continued to grow since its last contraction in July 2009. A report released by the Institute for Supply Management (ISM) showed that its manufacturing index fell to 53.5 in May from 54.8 registered in April. A reading over 50.0 signals growth. The median forecast of 82 economists surveyed by Bloomberg News had projected a reading of 53.8.

Of the 18 manufacturing industries, 13 reported growth in May, with nonmetallic mineral products, furniture and apparel leading the way. New orders index rose to 60.1 in May from 58.2 while inventories fell to 46.0 from 48.5. The drop in inventories was behind the fall in the ISM index, while gains in new orders, which drive factory activity, were broad-based. ISM Chairman Bradley Holcomb remarked that the manufacturing report was positive overall and upward trends are likely to continue.

USDJPY 1-minute Chart: June 1, 2012

US_ISM_Manufacturing_Expands_In_May_Albeit_At_Slower_Pace____body_Picture_1.png, US ISM Manufacturing Expands In May Albeit At Slower Pace

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The greenback rose slightly against the Japanese yen in the minutes following data release. This follows on the back of a dramatic swing in the currency pair after a massive miss in NFP employment figures earlier this morning. At the time of this report, the USDJPY pair was trading at 78.16 yen.

--- Written by Tzu-Wen Chen, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES