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Further ISM data to follow from US and forecasts – TD Securities

FXstreet.com (London) - There’s been a decent amount of global data for markets to chew on at the opening of the week, that for the most of which has surprised to the upside, according to research teams at TD securities.

They explained that PMI surveys from China, the Eurozone, Scandinavia, and the UK have all surprised to the upside making the Antipodeans and the Scandies the outperformers in the FX space; however, the overall market reaction has been rather dull overall Markets expect the ISM to slip from 50.7 to 50.5 while they expect a stronger reading of 51.3, and after the massive 9.7pt jump in the Chicago PMI on Friday (the largest M/M gain since 1983), they think that the risks lie toward an even larger upside surprise.

American equity markets start week off in the green

The US stock market notched a slightly positive opening Monday, ahead of some key economic data in the United States and a recent resurgence of the USD. Earlier today in the US, the Markit Manufacturing PMI yielded a figure of 52.3 in May, beating estimates of 52.0.
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EUR/USD falls below 1.3000

The euro has retraced completely its European session gains, sliding back below the 1.3000 mark versus the greenback at the beginning of the NY session.
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