Will ISM Manufacturing take the EUR/USD to 1.36?
How Will The Markets React?
Next week, the US economic calendar will be exceptionally busy and US manufacturing ISM is the first of many key pieces of data due for release. Regional indexes have been strong. Both the Empire State and Philadelphia Fed surveys jumped in the month of June. The Empire State survey reached a 1 year high while the Philly Fed survey hit the highest level since March 2006. Even though Chicago PMI fell in the month of June, it still remains above 60, which is well into expansionary territory.
Dollar In Retreat As Weak Consumer Data Adds To Soft Inflation
Today’s economic calendar was a good follow up to the Fed’s decision to leave rates unchanged at the end of its two day meeting yesterday. The central bank’s favored inflation gauge cooled to a new multi-year low, while weak consumer spending numbers added another facet to the concerns for the economy.