Negative sentiment – without any major market movements

Review: Disappointing ISM data from the US The US: Disappointing ISM data weakened USD and strengthened JPY Yesterday’s ISM data for manufacturing in the US was quite a disappointment. Hence ISM fell from 54.2 to 51.3 (estimate: 54.0). As we stated before, for a period good US economic indicators currently benefit USD and vice versa. The main reasons for this correlation are: 1) Poor economic indicators reduce the likelihood of an early end to QE3 2) Poor economic indicators reduce the growth

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Negative sentiment – without any major market movements

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