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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
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
USD/JPY
Bearish
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfNXyS https://t.co/OVhyNgLRn5
  • We were almost there, but the $SPX fell short of a >1.0% daily change. That raises the tally to 39 consecutive trading days without a climb or fall of even a moderate measure https://t.co/ibt82dBGmh
  • En español: El oro tropieza y se precipita en caída libre. ¿Qué explica las pérdidas del metal dorado y la alta volatilidad en los mercados financieros? #XAUUSD #trading $gold https://t.co/Hdsd0z1qih https://t.co/WKnGaABVS8
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇯🇵JPY: 0.14% 🇨🇭CHF: -0.30% 🇪🇺EUR: -0.38% 🇨🇦CAD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lrSRyCHLjw
  • Martin Guzman named as Argentina's new Minister of Economy $USDARS
  • YouGov poll finds 52% for Johnson winning debate vs 48% for Corbyn $GBPUSD
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.15% Gold: -1.07% Silver: -2.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MUWxfLEsGn
US Dollar Rises and Reverses On ISM Services Miss

US Dollar Rises and Reverses On ISM Services Miss

2016-11-03 14:51:00
Omar Habib,
Share:

Talking Points:

- October US ISM Services prints at 54.8, lower than the expected 56.0.

- ISM Services has had a very volatile past 4 months.

- EUR/USD fellas the US Dollarstrengthened on the news, and then reversed.

The US ISM Non-Manufacturing/Services survey for October disappointed expectations, coming in at 54.8 versus expectations of 56.0. It was also significantly lower than the previous reading of 57.1. There hasn’t been any substantial linear trend with ISM, with its last few data points fluctutating wildly from 52.9 to 56.5 to 51.4 and last month’s 57.1.

Combining this weakness with with the October US ISM Manufacturing survey, which beat expectations last week with a print of 51.9 versus expectations of 51.7, paints a hazy picture. The gain in the ISM Manufacturing Index was largely driven by an uptick in the employment component. Conversely, the drop in ISM Non-Manufacturing was largely driven by a dip in the employment component.

ISM Services leaves us after a week packed with global economic data, looking forward to US Non-Farm Payrolls tomorrow.

See the DailyFX economic calendar for Thursday, November 3, 2016

Chart 1: EUR/USD 1-minute Chart: November 3, 2016 (Intraday)

US Dollar Rises and Reverses On ISM Services Miss

As the report came out, the US Dollar rose against the Euro, with EUR/USD falling immediately from 1.1077 to as low as 1.106. The pair then reversed and pushed higher, and by the time this report was written, was trending near 1.1079.

--- Written by Omar Habib

To give feedback, e-mail feedback@dailyfx.com.

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

DISCLOSURES

News & Analysis at your fingertips.