The Institute for Supply Management manufacturing PMI was released higher than expected for the month of August 2011.
Economists has predicted a drop from July's released of 50.9 to 48.7 in August. Actual figure topped at 50.6, much higher than estimated. The avoidance to drop the index under 50 points indicated that the US Manfucaturing industry is still growing.
EUR/USD shot upwards right after the US ISM Manufacturing PMI news by some 20 pips reaching 1.4315. This didn't keep up, the positive ISM Manufacturing report triggered the Euro to drop and strengthened the US Dollar as the pair traded 1.4280 just few minutes after reaching 1.4315. The drop continued drastically and the US Dollar continued to strengthen dropping down to 1.4235; marking a new session low for today.
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