Occasionally, real people can still obtain outstanding trading economic data.
The PPI movement was almost completely reversed but it took 9 minutes, which is a long time in markets terms. What happened was that the algae vomited on the headline with a reading of +0.5% compared to +0.2%. The loss of three marks was higher than any estimate.
butThis happened directly due to the three-point lower revision of the March number from +0.2% to -0.1%. On the net front, the year-on-year numbers were quite in line at 2.2% year-on-year.
The resulting price action looks like this in AUD/USD and similar elsewhere:
AUDUSD 1 minute
If you trade economic data, this was your window.
In the good old days of trading – before algorithms took over – there were many economic data and news trades that provided a similar 5-10 minute window of opportunity to lead other real people and figure things out more quickly. Now, these things are hard to find, but – as it turns out today – not impossible.