ISM Better – But Dollar Falls

ISM Manufacturing PMI was better than expected, and scored . Surprisingly, the dollar fell against most currencies, after hitting a good start to the month. In this case, bad data meant bad news for the dollar, even though forex traders were expecting for worse data.

February began with a stronger dollar, against everyone. Well, except the Japanese Yen. This data, despite being better than expectations, weighed on the greenback.

The dollar began losing ground about two hours before the release, as other data was published.

Earlier,  Core PCE Price Index was within expectations – unchanged. Also  Personal Spending was within expectations, and fell by 1%.  Personal Income was slightly better than expected, dropping by 0.2%, better than -0.4% that was predicted.

Also released at 15:00 GMT:  Construction Spending that fell by 1.4%, and  ISM Manufacturing Prices that was also better then expected, at 29.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.