Thursday, February 20, 2014

February manufacturing index

 The greenback is getting used to downbeat US economic data at this point, so it took an unexpected rise in Markit's February manufacturing index to stir up some action. USD/JPY rose from 102.09 to 102.25 in the two minutes before 9am when subscribers get the data. The pair drifted as high as 102.34, now at 102.2. Clem Miller, investment strategist at Wilmington Trust, says investors have lowered expectations on the economy in the wake of this year's string of disappointing data. From here, dollar bulls are waiting to see if bad-weather effects will fade and make way for rosier releases. EUR/USD down 0.1% today at 1.3716.