The weak ISM manufacturing PMI was the straw that broke the camel’s back: after the dollar withstood quite a few disappointing indicators, it surrendered to the latter one and sold off across the board. Is this a turnaround or just a correction that has already come to an end? We will know soon enough. The Australia dollar certainly enjoyed this sell-off and had good reasons to do so. Australian building approvals rose by 3%, better than 1.1% expected and the trade balance deficit didn’t bother by coming out as expected with 0.79 billion. AUD/USD managed to break above the previous top of the range at 0.8765 and reach the next resistance line at 0.8820 before slipping back under 0.88. The RBA Annual Report had nothing of substance to move the markets. The Japanese yen was also a big winner: after breaking above 110 and retreating, the major pair continued lower and lost the 109 level, in what seems like an even bigger correction. Japan’s monetary base rose by only 35.3%, lower than 38.9% expected. The yen will now move according to US data. Here is the USD/JPY chart, showing the turn around: The New Zealand dollar is also worth mentioning. The kiwi continued its recovery from the 0.77 lows and even reached 0.79 before sliding back down below this level and stabilizing. The RBNZ managed to hit the kiwi while it was down, but market forces seem stronger than the kiwi. Speaking of hitting a currency while it’s down, the ECB could take a page from Wheeler’s book in its rate decision today. Here is the preview: Draghi to hit the euro when it’s down? 5 topics to watch out for 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 EUR/USD Oct. 2 – Getting of a sense of high Yohay Elam 8 years The weak ISM manufacturing PMI was the straw that broke the camel's back: after the dollar withstood quite a few disappointing indicators, it surrendered to the latter one and sold off across the board. Is this a turnaround or just a correction that has already come to an end? We will know soon enough. The Australia dollar certainly enjoyed this sell-off and had good reasons to do so. Australian building approvals rose by 3%, better than 1.1% expected and the trade balance deficit didn't bother by coming out as expected with 0.79 billion. AUD/USD managed to break above the previous… 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.