020 7898 0500The US dollar had a mixed day, making advances against a weak sterling in the morning, before giving up all of the gains in the afternoon.
The purchasing managers’ index data from Chicago, released yesterday, threw a spanner in the works when the reading came out well below market estimates at 55.2 – the lowest reading since January 2017. It was then dramatically revised upwards just 97 minutes later to an above market estimate of 59.4 – the highest reading since 2014.
We also saw pending home sales surprise to the downside in April, with the report showing a fall of 1.3% in April, when expectations were for a modest increase.
Today, we’ll see some key data releases, all of which will be closely watched by investors as expectations mounts that the US central bank will raise rates in a couple of weeks.
We have unemployment claims and ADP non-farm labour data which acts as a precursor to Friday’s non-farm payroll data. We will also see manufacturing PMI figures and crude oil inventories – all of which could move the market.
