Dollar Unchanged As ISM Manufacturing PMI Falls

Dollar Unchanged As ISM Manufacturing PMI Falls

By: Oliver Miller | Where To Trade | On:1-10-2014 11:37
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Key Highlights

  • US ADP employment change climbed from the previously revised reading of 202K to 213K.
  • US manufacturing PMI missed the expectation of a rise and declined by 0.4 points from 57.9 to 57.5.
  • US ISM manufacturing PMI fell more than expected and registered a decline of 2.4 points from 59.0 to 56.6.
  • Euro Zone manufacturing PMI also fell from 50.7 to 50.3 and the German manufacturing PMI also registered a decline and fell below the 50 neutral level.
  • EURUSD managed to survive the 1.2580-60 support area, but it remains at risk of further declines moving ahead.

US ISM Manufacturing PMI

The US Institute for Supply Management (ISM) Manufacturing Index was released about an hour ago. The market was expecting it to fall from 59.0 to 58.5. However, the report mentioned that the US ISM manufacturing PMI fell from 59.0 to 56.6 in September 2014, which means 2.4 points lower than August 2014 reading. However, this reading is well above the neutral reading and indicates expansion. The New Orders Index in September came in at 60, a decrease of 6.7 points from the 66.7 percent reading in August. The most important point is that this is the 16th consecutive month rise in the new orders. Moreover, the Production Index rose in September by 0.1 point and registered 64.6 percent. One more key thing to note from the report was that out of the 18 manufacturing industries, 15 reported growth in September 2014, which can be seen on the positive side.

The US ADP employment change data was also released during the start of the NY session by the Automatic Data Processing, Inc. The outcome was encouraging, as the report mentioned that there were 213K jobs added in September 2014. This was 9K higher from the previously revised reading of August 2014.

US ISM Manufacturing PMI

Euro Zone and German Manufacturing PMI

There were a couple of important releases lined up during the London session, including the Euro area and German manufacturing PMI. Both the outcomes were somehow disappointing. The Euro area manufacturing PMI was released by the Markit Economics. The forecast was lined up for a decline, but the outcome was on the lower side, as the Euro area manufacturing PMI came in at 50.3. The report highlighted the weakness in the manufacturing sector and mentioned that the Euro zone manufacturing sector slowed closer to stagnation in September. The main thing to note is that the new orders contracted for the first time since June 2013.

The most disappointing release during the London session was the German manufacturing PMI published by the Markit Economics. The market was expecting a decline from 51.4 to 50.3. However, the outcome was very disappointing, as the German manufacturing PMI fell to the lowest level in the last 15 months. It registered a contraction with a reading of 49.9.

The EURUSD pair plunged again during the London session and fell from the Intraday high of 1.2634 to 1.2584. It is trading around the 1.2580 level as of writing and looks poised for losses moving ahead. 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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