USD Firms on ISM
by Korman Tam
7/1/2008 2:36:00 PM
The greenback recovered against the majors in the Tuesday session following sharply better than expected US manufacturing data, pushing the currency toward the 106-level against the yen and 1.5734 against the euro. The June manufacturing ISM report defied consensus estimates for a deterioration to 48.6 from 49.6 in May, instead climbing above the key 50-level to 50.2 - which distinguishes between expansion and contraction.
Traders will turn to the Wednesday session, with the calendar to include the June ADP payrolls figure, May durable goods, new goods orders and factory orders. The June ADP payrolls figure, often viewed as a proxy for the more closely watched non-farm payrolls, is estimated to decline by 20k, versus a 40k increase in the previous month. Meanwhile, the revised May durable goods orders figure is seen unchanged with a flat reading and factory orders are seen declining to 0.4% for May versus 1.1% previously.
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