With mixed data out the US this week and the all-important NFP data fast approaching, markets will be eager to see what today figures has to say about the state of the US economy. Bear in mind that the USD has been snapped up aggressively since Friday, with this week’s data barely supporting the move, which has caused traders to pause as they contemplate their positions pre NFP. Better than expected data today will more than likely see further probing into recent USD highs, and depending on the strength of the data, USD longs might use the data to get out of their positions pre NFP, resulting in a spike. Worse than expected data, would see a flurry of selling which would see the USD weaken across the board.
Today’s Key economic data is as follows:
- Manufacturing PMI expected at 49.1
- Unemployment Claims expected at 265k
- Revised Nonfarm Productivity q/q expected at -0.6%
- ISM Manufacturing PMI expected at 52