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Euro to Dollar Summary 1st June 2009

With a national holiday in France, Germany and Switzerland today, there is little fundamental news on the economic calendar for Europe and the main focus for today is in the US with the key numbers being those of the ISM manufacturing PMI data due for release later this afternoon.  Today has already seen the release in the US of core PCE price index data, personal spending and personal income, all of which came in better than expected.  The PMI data is based on a survey of around 400 purchasing managers who are asked to rate business conditions at present including employment, production, new orders, prices and inventories, and a diffusion index is produced using these results.  Above 50 indicates an industry which is expanding and below one that is contracting and the forecast is for a figure of 42.2 which is marginally better than last month at 40.1, suggesting US manufacturing probably shrank in May at its slowest pace in the last 8 months, suggesting that the worst of the recession could be over.

At the same time we have the releases for construction spending and the ISM manufacturing prices but neither of these has any great impact on the market.  The rest of the week is dominated by ADP figures on Wednesday coupled with a speech by Fed Chairman Bernanke, interest rate decision on Thursday in Europe and rounding off the week the monthly circus, otherwise known as Non Farm Payroll, so a busy week in prospect for the euro to dollar currency pair.  With the dollar index showing sustained and continuing dollar weakness it will need some monumental event to stem the current trend in the dollar related currency pairs.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.