Dollar Boosted As Buyers Gain Back Control

Dollar Boosted As Buyers Gain Back Control

By: James Ansher | Where To Trade | On:01-04-2015 16:20
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Key Highlights

  • US dollar finally managed to recover some ground against the British Pound and the Euro as buyers gained back traction in the short term.

  • US Institute for Supply Management (ISM) Manufacturing Index remained at 51.5 in April 2015 whereas the market was expecting an increase 52.0.

  • US Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics declined from 54.2 to 54.1 in April 2015.

  • US Construction Spending i.e. an indicator that measures the total amount of spending in the US on all types of construction released by the US Census Bureau declined by 0.6% in March 2015

Key Releases:

US ISM Manufacturing Index (US Dollar)

US Construction Spending (US Dollar)

US Manufacturing PMI (US Dollar)

US ISM Manufacturing Index

Earlier during the NY session, the US Institute for Supply Management (ISM), representing business conditions in the US manufacturing sector Manufacturing Index was published. The market was expecting it to increase by 51.5 to 52.0 in April 2015. However, the result was a bit on the lower side, as the US Institute for Supply Management (ISM) Manufacturing Index remained unchanged at 51.5 in April 2015.

The report stated that the New Orders Index was up by 1.7% and managed to post a reading of 53.5%, and the Production Index gained by 2.2% to register a reading of 56%. Lastly, the Employment Index increased by 1.7% to set a reading of 50%.

There US Manufacturing Purchasing Managers Index (PMI) analyzing business conditions in the manufacturing sector was also released today by the Markit Economics. The market was expecting it to gain by around a point from the last reading of 54.2, but the outcome was on the softer side. The US Manufacturing Purchasing Managers Index decreased from 54.2 to 54.1 in April 2015.

Commenting on the same, the Chief Economist at Markit, Chris Williamson, stated that “With manufacturing output growth slowing to the weakest seen so far this year and exports falling for the first time since November, the survey results raise worries that the dollar’s appreciation is hurting the economy”.

Market Reaction

The US Dollar gained some ground and traded higher against the Euro and British Pound. The GBPUSD was one of the worst performers and fell below 1.5150.

Futures for the Dow Jones Industrial Average gained by 130 points to 17,969, and the S&P 500 index traded above 2,100.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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