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US Dollar Rises on Highest ISM Manufacturing in 3-Months

US Dollar Rises on Highest ISM Manufacturing in 3-Months

2014-04-01 14:55:00
Baruch Spier,
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Talking Points:

  • ISM Manufacturing Index reported at the highest level in 3-months
  • ISM Prices Paid and US Construction Spending also improves
  • USD/JPY sets a new 3-week high

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Actual

Expected

Prior

Revised Prior

ISM Manufacturing

(MAR)

53.7

54.0

53.2

ISM Prices Paid

(MAR)

59.0

59.5

60.0

Construction Spending

(FEB) (M/M)

0.1%

0.0%

0.1%

-0.2%

The Institute for Supply Management’s US manufacturing index was reported at 3-month high in March, and the US Dollar set a new 3-week high against the Japanese Yen following the release. Although the ISM manufacturing release slightly disappointed expectations, the index has remained above the neutral 50.0 level since December of 2012.

Economic performance is important for US Dollar traders since Fed Chair Yellen said yesterday that there is still considerable slack in the economy and labor market and extraordinary support will be needed for some time. Therefore, improvements in economic performance, as is indicated by a higher ISM Manufacturing, could raise the Fed’s economic forecast and lead to an eventual rate hike.

USD/JPY 1-Minute: April 1, 2014

US-Dollar-Rises-on-Highest-ISM-Manufacturing-in-3-Months_body_Picture_1.png, US Dollar Rises on Highest ISM Manufacturing in 3-Months

After initially dipping on the lower than expected number, the US Dollar recovered the losses and set a new 3-week high at 103.61. Technical Strategist Jamie Saettele says a break above a recent triangle on a daily USD/JPY chart could open up a test of 104.78.

Chart created by Baruch Spier using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

-- Written by Baruch Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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