The yanks are next in line on the manufacturing data conveyor belt
The manufacturing data comes thick and fast today. We've already had Chinese data over the weekend which was mixed. Both PMI's remained in contraction though there was a gain in the Caixin number over September. Europe has been mostly positive and then we had the great UK number
In the US the final Markit PMI (unch 54.0 expected vs 53.1 in Sep) at 14.45GMT is followed by the ISM PMI (50.0 exp vs 50.2 in Sep) 15 mins later
Here's how manufacturing has done so far in October
So far, we've seen some improvement. The regionals haven't been as bad and the other points have improved. On balance that suggests that we should be looking for better news than what's expected. The ISM is the big number today so a decent jump in that and the buck will love it. I even think that there will be some relief buying even if it holds steady and doesn't fall into contraction. Should the worst happen and it does, we're going to see the dollar suffer
As always, look for the devil in the details after. The employment numbers will be watched closely ahead of Friday's NFP's, as will any comments on wages and prices. Exports too will be important
Throw in construction spending data at the same time and we have plenty to give us an idea about one part of the last quarter of 2015
Let me not forget we also get Canadian manufacturing data out at 14.30GMT. They'll be hoping to claw their way from the two month contraction last at 48.6
