Trading to be Influenced By ISM Data

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Trading to be Influenced By ISM Data

By Grace Cheng on March 3, 2008 | More Posts By Grace Cheng | Author's Website

The US dollar fell to the weakest ever against the Euro and to a three-year low versus the Japanese yen after Fed Chairman Bernanke indicated the central bank will keep cutting interest rates to support the US economy. Last week, EUR/USD rose a massive 460 pips to a high around 1.5240. This week, the US dollar outlook is likely to remain weak, but all that will depend on new incoming data. EUR/USD’s next hurdle is around 1.5250, then 1.5300.

There will be lots of high-impact data releases and interest rate decisions from central banks such as the ECB, BOE, RBA, RBNZ and BOC. Plus, US non-farm payrolls will be released this Friday.

Watch out for Monday’s ISM manufacturing. We have already seen a plunge in the Chicago PMI, the Empire State manufacturing and the Philly Fed, so if weakness is seen in the national ISM index, it could cause further weakness in the USD particularly against the Euro, Swiss franc and the yen.

Watch the video below:

Monday:

Australia inventories 0030 GMT

UK PMI manufacturing 0930 GMT

Eurozone CPI 1000 GMT

Canada GDP 1330 GMT

US ISM manufacturing 1500 GMT

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