The U.S. manufacturing index rose to 53.9 in December — the highest its been since June 2011. The positive data showed signs that manufacturing in the US was expanding. Forex traders reacted to the news and bought riskier currencies causing the US dollar to weaken against its peers.
In the chart below, you’ll see that the US dollar weakened against major currencies including the euro, pound, yen, franc, Australian and New Zealand dollar.
Even though the US manufacturing number came out better than expected, the US dollar LOST value versus 6 major currencies. No matter what you may think is going to happen, combining simple technical analysis with fundamental news awareness could increase your chances of obtaining success analyzing trading opportunities.
Join us in the next LIVE! Forex webinar to see how Market Traders Institute’s clients learn to combine technical analysis, trading systems and fundamental news events to increase their confidence when trading. Complete the form below to reserve your seat today.
0 Comments
Leave a reply
You must be logged in to post a comment.
