ForexLive Americas Wrap April 1, 2013: Soft ISM Manufacturing

Forex trading headlines for the US session:

ISM manufacturing March 51.3 vs 54.0 exp
US Feb construction spending +1.2% vs +1.0% exp
Markit final PMI 54.6 vs 55.0 exp
Spain to revise growth a deficit forecasts lower
Copper falls to lowest since April
White House not seeing North Korean mobilization
S&P 500 down 0.45% to 1562
JPY leads, USD lags

USD/JPY was flirting with an important cluster of support at the 55-day moving average and 61.8% retracement of the late-Feb to mid-March rally. It rebounded from there to 93.85 but slumped again after the ISM numbers, falling to 93.17 -- the lowest since March 6. Bids at the 93.10/00 weren't seriously tested but some worries about a disappointing BOJ on Thursday are seeping in.

EUR/USD jumped following the ISM report but was initially stuffed by offers in the 1.2845/55 range. Eventually, stops above gave way and the pair ran to 1.2867 ahead of the London close. Afterwards, it was a quiet drift back to 1.2847.

Cable also jumped after the ISM report, immediately hitting the high of the day at 1.5242. Offers in the 1.5240/50 range capped the move with more behind it at 1.5280. After the big move trading has been quiet; last at 1.5230.

AUD/USD inched to the highest since Thursday. A rise above 1.0425 hit some small stops but the pair has drifted back to 1.0421 as positions are squared ahead of the RBA decision later today.

Gold flat at $1599.