Wednesday, February 01, 2012

US ISM Manufacturing - slightly off estimates but still not bad

Today on Wednesday 1st of February at 10:00 EST (15:00 GMT) the ISM Manufacturing PMI figures were released from the USA. There came out slightly below estimates but still quite high, especially in comparison to Europes figures which were released earlier, although Europe is recovering a bit for the much worse PMI figures a few months ago. Anyway the negative deviation was no where near where we would get interested in selling.

Here are the figures:

US ISM Manufacturing
Estimates- Median: 54.5 Average: 54.4 Range: 53.0 to 56.0
Actual: 54.1 Prior: 53.9 No Revision

US ISM Prices Paid
Estimates- Median: 50.0 Average: 50.2 Range: 48.0 to 53.0
Actual: 55.5 Prior: 47.5 No Revision

The Session was risk on in general. The better Eurozone PMIs and hope that a deal on the Greek PSI would be coming soon lifted risk appetite. So although this was slightly off it still was pretty good considering everything and the risk-on move continued. First is the S&P 500 EMini Futures 1 minute chart. Despite an initial wiggle or whipsaw it did resolve higher:

Here is the 1 minute chart of the DAX Future which moves in tandem with the US indices on US news.....usually:

The CADJPY did continue up some 30 pips, taking its time...here is the 5 minute chart of CADJPY:

The USDJPY stayed most flat until it hit a lumpy bid about 2 hours later, still the cross remains under pressure despite the fake trendline break before the FOMC last week. Here is the 5 minute chart of the USDJPY:

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