ism

The ISM Non Manufacturing came in weaker than expected.  This is leading to a weakening of the US dollar. 

The ISM Non-Manufacturing Index came in at 50.2 versus 50.0 Expected.

price paid  lower form last month at 88.5
Dollar rangey after the release - Dow still touch soft today -50

Comes in at 48.2 versus 51 expected.  Much weaker than expectations

The stocks are up on the better than expected ISM.  This has propeled the risk carry trades higher, and caused a bid in the USD.  USDJPY has moved above the March 25 high at 101.03 and also now above the lows on 7th and 11th of March at 101.41. Watch this level for buyers.  On the top 102.20 is the next level of resistance.

EURUSD stayed below the 50% level and now targets th 61.8% retracement support level at 1.5554.  Watch this level.

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                                  March   Feb.
                                  2008    2008
=================================
Manufacturing index   48.6    48.3
-----------------------------------------------------
Prices paid                 83.5  75.5   Higher
Production                 48.7  50.7    Lower
New orders                46.5  49.1    Lower
Backlog of orders       47.5  45.0    Higher
Supplier deliveries      53.6  50.1   Higher
Inventories                44.9  45.4    UNC

The ISM was stronger than expected while Factory Orders were as expected.  The Stocks have rallied off the better service number and caused the USDJPY to test top side 100 hour moving average.  The GBPJPY has also surged and is now above 206.00. 

As expected, but not worse than expected which was probably how the market was pricing the release. 

New orders decreased to 49.1 from 49.5.

Production dropped to 50.7 from 55.2.

Supplier deliveries fell to 50.1 from 52.8 in the prior month.    

The Prices paid decreased to 75.5 from 76 in January. However this was higher than the forecast of 73.

Export orders decreased to 56 from 58.5, showing foreign demand is still growing.

Inventories declined to 45.4 from 49.1. 

Employment declined to 46 from 47.1.

Expectations are for the headline figure to decline to 48, the lowest level since April 2003

Dow is down 146.00 points, S and P down 18.84and Nasdaq down 35.00 at 9:33 ET