For that reason, we conducted the study during a period that led up to and included the most important U.S. economic releases, foremost of which were the Institute of Supply Management Manufacturing Index and the Employment Report (Table 1). The statistics are released at set times during the day, all of which occur between 8:30 and 10:00 a.m. New York time (1:30 and 3:00 p.m. London time). Our sampling times bracketed these economic releases and, it was hoped, the times of greatest volatility.