Tuesday, September 6, 2011

Better than expected ISM-numbers... didn't do the trick

The ISM (Institute for Supply Management) Non-Manufacturing Index came out strong 53.3 from 52.7 last month, expectations were 51.3. The indices briefly spiked, but then the downtrend resumed.

Other facts worthwile mentioning: the Swiss National Bank issued a press release, stating it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20. Quote: "The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities."
And on that news, the EUR spiked above the mentioned 1.20-level and then travelled sideways. A +7% move in forex, that's amazing. Early August there was a similar move.

An interesting and recommended read, especially if you're a beginning trader, written by Barry Ritholtz (The Big Picture).

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