By CountingPips.com
U.S. Non-Manufacturing economic data, released today by the Institute for Supply Management, showed that non-manufacturing economic activity grew in September for the first time in 12 months. September’s ISM Report On Business index readings for economic activity were at 50.9 percent following August’s 48.4 percent level. The September score was slightly better than 
economic forecasts which were expecting the ISM index reading to register an even 50.0 percent. A score above 50 is considered to be growth and less than 50 is considered to be contraction in that sector. September marked the first month of growth in a year and the highest level since May 2008.
Most of the economic sectors tracked for September showed improving index scores with the exceptions of prices, new export orders and inventory sentiment. The employment index increased by 0.8 percent in September while new orders increased by 4.3 percent and business activity grew by 3.8 percent. Also showing higher levels for the month were supplier deliveries, inventories, backlog of orders and imports.
News out of Europe today showed that Eurozone retail sales fell by 0.2 percent in August after also declining by 0.2 percent in July according to EuroStat. Economic forecasts were expecting a 0.4 percent decrease. Year-over-year retail sales fell by 2.6 percent in August from the August 2008 level after an annual slide of 1.8 percent was registered in July. Contributing to the lower sales in August was a decline of “non-food” sales by 0.6 percent while “food, drinks and tobacco” contributed positively to the data with a rise of 0.5 percent.
Fx Trading: US Dollar mostly lower.
The U.S. dollar has been falling in forex trading against the major currencies as risk appetite has increased today in the currency and stock markets. The dollar has gained against the British pound while declining against the euro, Japanese yen, Australian dollar, New Zealand dollar and the Canadian dollar. The dollar is trading almost unchanged versus the Swiss franc so far today at 2:42 pm EDT according to currency data by Oanda.
The U.S. stock markets have risen today with the Dow Jones currently advancing by over 100 points, the Nasdaq increasing around 20 points and the S&P 500 up by almost 15 points at 2:42pm. Oil has edged up by $0.43 to $70.38 while gold has increased by $12.50 to stay above the $1000 per ounce level at $1,015.70.
NZD/USD Chart – The New Zealand Dollar flying high today against the US Dollar in Forex Trading and testing the 0.7300 level for the first time since September 22nd.
