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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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EURUSD, GBPUSD. Dollar falling was stopped after issue of positive indicators of ISM index
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14:09 07/03/2007
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Two-days dollar falling which was caused by FOMC decision to leave rates at a former level and commentaries to this decision, was stopped after issue of production data - ISM index. This index is calculated by American Association of Supply managers and ius quite influencing economical indicator for the market.
According to poll carried out by Institute of Supply Management among high-ranking officials at factories and plants in June production in the USA showed unexpectedly strong indicators.
Basic ISM index demonstrated rise up to 56 points in June against 55 in May (any value above 50 points is an indicator of rise in this sector of economy)
Value of basic index in June is the highest indicator since April of last year. Analysts forecast that value of the index would remain constant at a level of 55 points.
Some of sunindexes showed especially good data. Production activity grew to 62.9 in June from 58.3 in May, hat is the highest value for last three years.
New orders also showed not bad results, data increased up to 60.3 in June from 59.6 in May, that is the best result since February, 2006.
After unexpectedly strong indicators of ISM index eurodollar quotations are consolidated near 1,3620, approaching historical top - 1,367.
Dollar us under pressure of expectations of weak report of Labor Department on employment in June in the US. If these expectations are justified euro can easily overcome level of 1,367 dollars per unit. Let's remind that employment report will be published on Friday - analysts expect drop in payrolls by 32 000.
Quotations will most likely remain near historical top till the end of current week. Let's continue to watch the market.
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