Wednesday, May 2, 2012

FOREXYARD: Forex News Blog

FOREXYARD: Forex News Blog

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US Manufacturing PMI Gives USD Boost

Posted: 01 May 2012 07:48 AM PDT

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After taking losses against most of its main currency rivals throughout the overnight and morning sessions today, the USD was able to stage a mild recovery following a better than expected US ISM Manufacturing PMI. The news resulted in a spike of over 30 pips for the USD/JPY, bringing the pair back above the psychologically significant 80.00 level. Against the Swiss franc, the dollar was able to move up over 50 pips reaching as high as 0.9087.

Turning to tomorrow, all eyes will likely be on the US ADP Non-Farm Employment Change figure, scheduled to be released at 12:15 GMT. The ADP figure is considered an accurate predictor of Friday's all important Non-Farm Payrolls figure, and consistently leads to market volatility. At the moment, analysts are forecasting tomorrow’s news to come in at 178K, well below last month's figure. If true, the dollar may reverse the gains it made today. That being said, the ADP figure has proven notoriously difficult to predict. If tomorrow’s news comes in above analyst forecasts, the dollar may be able to extend today’s bullish momentum going into the second half of the week.

RBA Interest Rate Cut Leads to Aussie Losses

Posted: 01 May 2012 12:51 AM PDT

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A bigger than expected cut in Australian interest rates last night turned AUD bearish against euro, USD and JPY in overnight trading. Additionally, poor US fundamentals brought USD/JPY to a fresh two-month low.

Main News for Today

UK Manufacturing PMI-08:30 GMT
o Expected to show growth in the UK manufacturing sector
o GBP turned bearish against USD and EUR yesterday
o Should today's news come in above expectations, the pound could stage a reversal during the mid-day session

US ISM Manufacturing PMI-14:00 GMT
o Expected to show growth in the American manufacturing sector
o USD spent most of the overnight session range trading against EUR, CHF, GBP and extended bearish run against JPY
o Today's news could help USD recover some of its recent losses if it comes in above expectations
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