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Positive macroeconomic statistics from the United States

Positive macroeconomic statistics from the United States | 06 January 2021

06 January 2021, USD/JPY

USDJPY trading plan:

Economic activity in the U.S. manufacturing sector grew in December, with the overall economy notching an eighth consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM. The December Manufacturing PMI registered 60.7 percent, up 3.2 percentage points from the November reading of 57.5 percent. The Employment Index returned to expansion territory at 51.5 percent, 3.1 percentage points higher from the November reading of 48.4 percent. “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for December (60.7 percent) corresponds to a 5.2-percent increase in real gross domestic product on an annualized basis,” says Timothy Fiore, Chair of the Institute for Supply Management. This is a positive signal for the US dollar!

Investment idea: Buy 102.30 and take profit 102.70.

David Johnson
Analyst of «FreshForex» company
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