Today it's basically the Manufacturing PMIs Day. The main event will be the US ISM Manufacturing PMI, but we will also get the Final readings of the S&P Global PMIs for Spain, Italy, France, Germany, Eurozone, UK and US although they are unlikley to be market-moving as the market cares more about the preliminary reports and reacts to revisions only if they are big.
We will also see the Manufacturing PMIs for Switzerland and Canada although they are unlikely to be market-moving given that they won't change much in terms of future expectations. In fact, the big event for Switzerland will be the CPI report tomorrow and for Canada the BoC policy decision on Wednesday.
14:00 GMT/10:00 ET US ISM Manufacturing PMI
The US ISM Manufacturing PMI is expected at 49.8 vs. 49.4. The S&P Global Manufacturing PMI increased to 52.4 vs. 51.1 and overall the report showed that business activity expanded to a two-year high. The details also showed that “both input costs and output prices rose at faster rates, with manufacturing having taken over as the main source of price growth over the past two months." However, “the overall rate of selling price inflation remained below the average seen over the past year”.
