The Fundamental FOREX Blog

On Thursday, 07-01-10 at 4:30AM ET, the GBP Purchasing Managers Index Manufacturing report was scheduled for release.

Also released was:

GBP – BOE Credit Conditions Survey

Released by the Bank of England

I did a “preview” post for this month on Wednesday, 06-30-10 , click here for a review.

This PMI Manufacturing Index report is now released by Markit

There was one thing to be aware of, subscribers to Reuters receive the data 2 minutes prior to listed calendar time.

Prior to the present market conditions, a difference of 4 or 5 from the “forecast” could cause a good market move.

This months report was set up as follows:

GBP Purchasing Managers Index Manufacturing Index stats:

Previous = 58.0

Forecast = 57.6

Actual = 57.5

Here is how I was set up and what happened:

GBP-4-30AM-ET-07-01-10
Looking for a 1.8 change
Actual > Forecast = Good for GBP
GBP Manufacturing PMI
——actual——forecast—–previous
_____57.5______57.6_______58.0
out at 59.4 or higher buy GBP/USD
out at 55.8 or lower sell GBP/USD
Bad – “actual” came out lower then “forecast” by 0.1
Bad – “actual” came out lower then “previous” by 0.5

Watched for reversal!
Changed from last month to GBP/JPY

Again – I did not enter a trade this time – not enough difference!

Here are the charts:

(EUR/GBP)

a one minute EUR/GBP chart

This EUR/GBP currency pair very minor range for 6 minutes
Then continued move up

(EUR/JPY)

a one minute EUR/JPY chart

This EUR/JPY currency pair very minor range for 5 minutes
Spiked up next minute about 31 PIPS
Moved down for 15 minutes about 38 PIPS

(EUR/USD)

a one minute EUR/USD chart

This EUR/USD currency pair  very minor range for 5 minutes
Spiked up next minute about 29 PIPS
Moved down for 14 minutes about 31 PIPS

(GBP/CHF)

a one minute GBP/CHF chart

This GBP/CHF currency pair ranged for 15 minutes

(GBP/JPY)

a one minute GBP/JPY chart

This GBP/JPY currency pair moved down for 2 minutes about 16 PIPS
Moved up for 5 minutes about 28 PIPS
Moved down for 17 minutes about 40 PIPS

(GBP/USD)

a one minute GBP/USD chart

This GBP/USD currency pair moved down for 2 minutes about 11 PIPS
Moved up for 5 minutes about 25 PIPS
Moved down for 17 minutes about 30 PIPS

The next time this report is scheduled for release will be on Monday, 08-02-09 at 4:30 AM ET

I will probably post a “preview” a day or two prior.

Stay tuned!