On Thursday the 18th of June 09, at 6:00AM ET, the Federal Reserve Bank of Philadelphia will release their monthly Manufacturing Index report. Sometimes this release will influence how traders view the affects of that report on the US economy – especially if the report is far from the forecast.
On May 21st, there was a release of the Philly Fed with only a few points off of the forecast, however, there was some movement. The forecast was bad for the dollar, but an improvement on the previous report on April 16th. The actual report came out almost 4 points worse than expected and was almost as bad as the previous report in April.
In spite of the weak surprise by the actual report, 2 currency pairs did have enough movement for minor scalping opportunities – these 2 currency pairs were EUR/USD and USD/CAD. Both pairs left enough room for a scalp in the first 10 or 16 minutes, but, then there was a reversal, another good opportunity for scalping some more PIPS.
Here are the charts, each is a one minute candlestick.
This is a 1 minute EUR/USD chart
Here is a second chart:
This is 1 minute USD/CAD chart
The report coming out tomorrow has a forecast is -17.8, up from a previous of a -22.6, the forecast is a little improvement for the dollar – but we will see
