The ISM Manufacturing PMI for January 2014 disappointed big time by falling to a low of 51,3 points, much worse than forecasts. It was expected to show a small slide from 57 to 56.2 points, well within growth territory. The headline figure as well as the employment component serve as a hint towards the Non-Farm Payrolls on Friday. Also the employment component is down: 52.3 points, down from 55.8 points. This still reflects growth (above 50), but this is weak growth.Can the taper train continue? Before the publication, EUR/USD was trading steadily around 1.35, USD/JPY reached to new lows around 101.80 and GBP/USD was certainly on the back foot, trading around 1.6350. The US dollar is down, without any exception. EUR/USD is now above 1.35, GBP/USD is recovering above 1.6350 amd USD/JPY is taking it badly by falling below 101.50. New orders are very sharply down: 51.2 points after a boiling hot 64.4 points in December. Prices are up. The bad result could be blamed on the bad weather during January, but this doesn’t seem likely.  More currency reactions: the Canadian dollar extends its recovery and USD/CAD falls below 1.1050. AUD/USD is above 0.88 at 0.8815. NZD/USD is climbing above 0.81. For EUR/USD, the key level is 1.3515, and it needs to break back above the broken uptrend to provide a real bullish signal. US construction spending was expected to rise by 0.3%for the month of December 2013 after a big jump of 1% in November. This also disappointed by rising only 0.1%. In addition, US vehicle sales came out below expectations. This is not the best day for the greenback. Earlier, Markit released its final manufacturing PMI read for January at 54 points, a minor revision to 53.9 points initially reported. The ISM report carries more weight.  The ISM Non-Manufacturing PMI is scheduled for Wednesday. The services sector (non-mfg) is much bigger than the manufacturing one. More: Bidding up the dollar  – things are changing after this major disappointment. A challenging start to 2014  – and more challenging now. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USDJPY: 110 via 100? Guest 9 years The ISM Manufacturing PMI for January 2014 disappointed big time by falling to a low of 51,3 points, much worse than forecasts. It was expected to show a small slide from 57 to 56.2 points, well within growth territory. The headline figure as well as the employment component serve as a hint towards the Non-Farm Payrolls on Friday. Also the employment component is down: 52.3 points, down from 55.8 points. This still reflects growth (above 50), but this is weak growth.Can the taper train continue? Before the publication, EUR/USD was trading steadily around 1.35, USD/JPY reached to new lows around… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
