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ISM Non-Manufacturing on Tap

Last Friday, the greenback continued gaining all across the board against the major currencies. The EUR/USD pair fell for the first time in six weeks below the psychological level of 1.5400, closing the trading session at the rate of 1.5380. The USD continued its bullish momentum mainly as a result of favorable economic data release during the day. By midday, the Employment data for April was released and gave traders many good reasons to buy dollars. With the figures released, the USD sharply gained 70pts against the EUR and 82pts against the JPY. As well the figures release assisted the greenback’s recovery against the GBP, closing the Cable below the rate of 1.97 by the end of the weeks trading session.
Surprisingly, The Non-farm Employment Change showed a strong rising trend in the number of employed people during April. The report showed that fewer than 20K jobs were cut in March […]

Original post by Forextvblog

This entry was posted on Monday, May 5th, 2008 at 5:55 am and is filed under manufacturing, opec, ism, eur, forex, USD, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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