The Fundamental FOREX Blog

On Thursday, 07-06-10 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 month I did a “preview” of this report, click here for a review.

Here is what happened:

USD ISM Non-Manufacturing  Composite stats:

Previous = 55.4

Forecast = 55.1

Actual = 53.8

Here is how I was set up for these reports:

USD-10-00AM-ET-07-06-10
Looking for a 3 difference
Actual > Forecast = Good for USD
USD ISM Non-Manufacturing PMI
——actual———-forecast——previous
_____53.8________55.1_______55.4
out at 58.1 or higher – SELL EUR/USD
out at 52.1 or lower – BUY EUR/USD
Bad – “actual” came out lower then “forecast” by 1.3
Bad – “actual” came out lower then “previous” by 1.6

I had set up to trade the EUR/USD currency pair if the “actual” report came out higher or lower than the “forecast” by 3.0 or more – which it did not do – and I did not enter a trade.

Here are the charts:

(EUR/JPY)

a one minute EUR/JPY chart

This currency pair EUR/JPY currency pair spiked down/up 1st minute about 31 PIPS/ 15 PIPS
Moved up for 14 minutes about 48 PIPS

(EUR/USD)

a one minute EUR/USD chart

This EUR/USD currency pair moved up for 55 minutes about 70 PIPS – right direction

(GBP/JPY)

a one minute GBP/JPY chart

This currency pair GBP/JPY currency pair spiked down/up 1st minute about 35 PIPS/ 20 PIPS
Ranged for 10 minutes
Moved up for 5 minutes about 23 PIPS

(GBP/USD)

a one minute GBP/USD chart

This GBP/USD currency pair ranged for 11 minutes
Moved up for 39 minutes about 35 PIPS – right direction

(USD/CAD)

a one minute USD/CAD chart

This USD/CAD currency pair spiked up/down 1st minute about 15 PIPS/ 12 PIPS
Moved d own for 28 minutes about 52 PIPS – right direction

(USD/JPY)

a one minute USD/JPY chart

This currency pair USD/JPY currency pair moved d own for 53 minutes about 44 PIPS – right direction

The next scheduled release of this report will be on Wednesday, 08-04-10 at 10:00 AM ET.

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

Stay tuned!