from Dan Norcini:
Up,
Down; Up, Down; Up, Down… On and on it goes. Today’s big market moving
data was the ISM manufacturing number. It came in under 50, surprising
nearly everyone on the planet. As a matter of fact, the reading at 49,
was the lowest since June 2009! That is saying something indeed.
As soon as that number hit the wires, the currency markets erupted in a turmoil. The usual knee-jerk reaction hit Dollar/Yen and up went the “safe haven” Yen (I still have a hard time putting those words together in one phrase for the sheer idiocy of the rationale behind it), up went the Euro and down plunged the US Dollar, falling through a strong support level I might add.
Read More @ TraderDanNorcini.Blogspot.com
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Up,
Down; Up, Down; Up, Down… On and on it goes. Today’s big market moving
data was the ISM manufacturing number. It came in under 50, surprising
nearly everyone on the planet. As a matter of fact, the reading at 49,
was the lowest since June 2009! That is saying something indeed.As soon as that number hit the wires, the currency markets erupted in a turmoil. The usual knee-jerk reaction hit Dollar/Yen and up went the “safe haven” Yen (I still have a hard time putting those words together in one phrase for the sheer idiocy of the rationale behind it), up went the Euro and down plunged the US Dollar, falling through a strong support level I might add.
Read More @ TraderDanNorcini.Blogspot.com
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