The Fundamental FOREX Blog

On Monday, 08-02-10 at 4:30AM ET, the GBP Purchasing Managers Index Manufacturing report was scheduled for release.

I did a “preview” post for this month on Sunday, 08-01-10 , 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 = 57.5——————–revised=57.6

Forecast = 57.1

Actual = 57.3

Here is how I was set up and what happened:

GBP-4-30AM-ET-08-02-10
Looking for a 1.8 change
Actual > Forecast = Good for GBP
GBP Manufacturing PMI
——actual——forecast—–previous
______________57.1_______57.5
_____57.3_____ 57.1_______ 57.6
out at 58.9 or higher buy GBP/USD
out at 55.3 or lower sell GBP/USD
Good – “actual” came out higher then “forecast” by 0.2
Bad – “actual” came out lower then “previous” by 0.2
Bad – “actual” came out lower then revised “previous” by 0.3

Watched for reversal!

And 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 ranged for 12 minutes
Moved down next 7 minutes about 9 PIPS

(EUR/JPY)

a one minute EUR/JPY chart

This EUR/JPY currency pair moved down for 11 minutes about 15 PIPS

(EUR/USD)

a one minute EUR/USD chart

This EUR/USD currency pair  moved down for 29 minutes about 15 PIPS

(GBP/CHF)

a one minute GBP/CHF chart

This GBP/CHF currency pair ranged for 12 minutes
moved up for 5 minutes about 22 PIPS

(GBP/JPY)

a one minute GBP/JPY chart

This GBP/JPY currency pair ranged

(GBP/USD)

a one minute GBP/USD chart

This GBP/USD currency pair ranged

The next time this report is scheduled for release will be on Wednesday, 09-01-09 at 4:30 AM ET

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

Stay tuned!