November 1, 2012
Just like the first day of a new semester, the dollar went in different directions yesterday as traders came back from the Hurricane Sandy holidays. While USD/JPY jumped by 22 pips, GBP/USD also rocketed by 61 pips. What went on in the U.S. anyway?
Well, the worse-than-expected Chicago PMI report probably didn’t help the dollar. The report printed a reading of 49.9 in October, lower than the 51.0 expansionary reading that analysts were expecting. Even the quarterly employment cost index disappointed expectations with only a 0.4% growth.
Lets see if the currency bulls will show the Greenback some lovin’ today when a parade of economic reports is scheduled for release.
At 11:30 am GMT, the Challenger job cuts report is printed. Then, at 12:15 pm GMT we’ll see the ADP non-farm employment report, followed closely by the initial jobless claims at 12:30 pm GMT. Last but not the least, we’ll get hold of the CB consumer confidence data as well as the ISM manufacturing PMI at 2:00 pm GMT.
Are you planning on trading any of these reports? I sure hope so! They’re all potential market movers!
Last edited by PipDiddy; 10-31-2012 at 11:52 PM.
"The only cable I watch is the pound baby."