November 5, 2012
We´ll be trading the UK Services Purchasing Manager Index today at 4:28am (NY Time). This is a leading indicator similar to the Manufacturing PMI that was released early this week, here´s the forecast:
4:28am (NY Time) UK Services PMI Forecast 52.0 Previous 52.2
Deviation: 2.5 (BUY GBP 54.5 / SELL GBP 49.5)
Deviation: 2.5 (BUY GBP 54.5 / SELL GBP 49.5)
The Services PMI is tradable with a minimum deviation of 2.5 between the forecast and the actual release. If we get at least 54.5 or better, we could see some demand in the GBP and we will consider BUYING GBP against weaker currencies. If we get a 49.5 or lower, GBP could weaken and we should look to SELL GBP against stronger currencies.
DEFINITION:
The Chartered Institute of Purchasing and Supply (CIPS) Services Purchasing Manager´s Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation´s currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company´s performance, which can be a leading indicator of overall economic performance.
The Chartered Institute of Purchasing and Supply (CIPS) Services Purchasing Manager´s Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation´s currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company´s performance, which can be a leading indicator of overall economic performance.
Recommended Pairs: GBPUSD, EURGBP
GBP / USD - British Pound / U.S. Dollar
Resistances : Weekly 1.6135 ; Daily 1.6085 ; Hourly 1.605
Supports : Weekly 1.591 ; Daily 1.595 ; Hourly 1.6005
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Linkin Park 5th Album (CD, 12 Tracks) Lost in the echo / In my remains / building it up to ... / Lies greed misery / I'll be gone / Castle of glass / Victimized / Roads untraveled / Skin to bone / Until it breaks / Tinfoil / Powerless u.a.- Linkin Park
THE BEST OF MUSIC
Linkin Park 5th Album (CD, 12 Tracks) Lost in the echo / In my remains / building it up to ... / Lies greed misery / I'll be gone / Castle of glass / Victimized / Roads untraveled / Skin to bone / Until it breaks / Tinfoil / Powerless u.a.- Linkin Park
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