With May Day holidays across all of Europe there is no fundamental news on the economic calendar for the Euro today which contrasts with the US where we have a number of releases, the most important of which are the UOM (University of Michigan) sentiment, manufacturing PMI data for the Institute of Supply and Management (ISM) and factory orders.  Forecasts are as follows: UOM is forecast to come in at 61.7 against a a previous of 61.9, marginally better than last month, and looking at the chart this appears to be bottoming out suggesting that consumer sentiment is now turning more positive.  The ISM data which always tends to move the market is expected to show a small increase from last time which was 36.3 to a figure close to 38.5 – and any number above 50 indicates an industry in expansion, so whilst the index is still below this tipping point it does indicate once again that the economy is beginning to move in the right direction.  ISM is generally considered to a leading indicator and is based on a survey of purchasing managers in the manufacturing industries.  This release is coupled with factory orders from the Census Bureau which measures the change in the total value of new purchase orders placed with manufacturers.  The forecast is for -0.7% against a previous of -1.8% so a contrasting picture.

Two minor releases include ISM manufacturing prices and total vehicle sales which not surprisingly are expected to show a fall.

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