The greenback began the new forex trading week a little stronger. Manufacturing PMI and American ISM Manufacturing PMI are the main events for today. Let’s see what’s up for today, in the first day of the new NFA regulations.
Japanese Average Cash Earnings disappointed and fell by 7.1%, more than 3.6% that was expected. The Yen weakened after this release.
German Retail Sales fell by -1.8%, which was a big disappointment: it was expected to rise by 0.4%. In Switzerland, SVME PMI printed a better than expected result, by hitting 44.3 instead of 43.6.
British Manufacturing PMI is predicted to edge up from 47 to 47.7. For more on the British Pound, check out the GBP/USD Outlook.
ISM Manufacturing PMI is the main release for today. After a setback last time, it’s expected to continue rising, this time up to 46.4. This will set the direction of the dollar for the many hours ahead.
Also in the US, Construction Spending is expected to fall by 0.5%, and ISM Manufacturing Prices is predicted to rise from 50 to 51.
New Zealand’s Labor Cost Index is predicted to rise by 0.5%, exactly like last month. This important kiwi publication will impact NZD/USD. For more on the New Zealand dollar, read the NZD/USD Outlook.
That’s it for today. Things get much more busy later on. For further reading:
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