ISM Manufacturing PMI slid to 50.6 points, much higher than a drop to 48.7 points that was expected. The escape from falling under 50 points means that the US manufacturing sector is still growing, and reduces the chances for QE3. EUR/USD rises on risk appetite. USD/JPY moves up. The big event is still ahead of us, hence the limited moves. Last month saw a dramatic dip from 55.3 to 50.9 points. This meant that the manufacturing sector hardly grew. One point of light was seen in this report – the employment component was still relatively high. Also now in August, the employment component remained in the growth zone, at 51.7 points. This is a positive sign towards the Non-Farm Payrolls. Update: EUR/USD changes course and is now falling. It currently holds to support at 1.4220. Next support is at 1.4160, followed by 1.41. Weak resistance is at 1.4282. It’s important to remember that the US economy is more services oriented, so this doesn’t paint the full picture of the economy towards the release of the Non-Farm Payrolls. Earlier today, weekly jobless claims fell to 409K. This was within expectations and also in the same range seen in the last few months. Quarterly Non-Farm Productivity was revised from a drop of 0.4% to a drop of 0.7%. As lower productivity actually means higher wages and inflationary pressures, this could be seen as dollar positive. Both releases left the dollar unchanged. Tomorrow is the big day: This release of Non-Farm Payrolls is critical for the FOMC decision on QE3 (or other easing tools. See the NFP Preview for details. This should be a “normal” event for the dollar across the board – meaning that a good figure will boost it against everybody, while a bad figure will weaken it against everybody, due to the proximity of the QE3 decision. The initial rise in the reaction to the Manufacturing PMI release is somewhat surprising, and I expect EUR/USD to weaken later on. 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 Forex Daily Outlook – September 2 2011 Anat Dror 11 years ISM Manufacturing PMI slid to 50.6 points, much higher than a drop to 48.7 points that was expected. The escape from falling under 50 points means that the US manufacturing sector is still growing, and reduces the chances for QE3. EUR/USD rises on risk appetite. USD/JPY moves up. The big event is still ahead of us, hence the limited moves. Last month saw a dramatic dip from 55.3 to 50.9 points. This meant that the manufacturing sector hardly grew. One point of light was seen in this report - the employment component was still relatively high. Also now in August,… 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.