The Fundamental FOREX Blog

On Thursday 09-03-09 at 10:00 AM ET, the USD ISM Non-Manufacturing  Composite report was released.

This report is released by the Institute of Supply Management.

This report was released alone, the last time this was released alone was on Monday, 07-06-09 at 10:00 AM ET.

The “preview” to this report was posted on Wednesday, 09-02-09, click here for a review.

Here was the set up for Thursday.

USD ISM Non-Manufacturing  Composite stats:

Previous = 46.4

Forecast = 48.3

Actual = 48.4

This was just barely better than the “forecast” by 0.1, which looked good for the US economy, but should not have been a big surprise for traders – did not take me in and cause me to execute a trade.

But something caused the traders to jump in and trade, maybe because they were glad to see the economy improving – it looked good last month as well.

Anyway, 2 of the USD involved currency pairs I monitor moved in the predicted direction after the initial spike against the USD, those were EUR/USD and GBP/USD, the USD/CAD hesitated prior to and for 3 minutes after the report release, then moved in favor of the USD.

The USD/JPY moved against the USD.

The 2 crosses I monitor moved opposite to my predictions – fortunately I did not enter a trade.

Here are the charts:

a one minute EUR/JPY chart

First the spike up, then the retrace down for the next 26 minutes a total of about 65 PIPS.

a one minute EUR/USD chart

First the spike up, then the retrace down for the next 26 minutes a total of about 53 PIPS.

a one minute GBP/JPY chart

First the spike up, then the retrace down for the next 6 minutes a total of about 61 PIPS.

a one minute GBP/USD chart

First the spike up, then the retrace down for the next 12 minutes a total of about 42 PIPS.

a one minute USD/CAD chart

This currency pair hesitated prior to and for about 3 minutes into the report, then moved up about 58 PIPS in 24 minutes.

a one minute USD/JPY chart

A spike up 1st minute, retraced for 6 minutes about 22 PIPS, not as predicted.

The next scheduled release of this report will be on Monday, 10-05-09 at 10:00 AM ET

I will be probably be writing a “preview” post a day or two before the reports release.

Stay tuned!