At the top of the hour we have the one of the last big manufacturing data points of the quarter and the market will want to see a strong finish or there may be some jitters that the economy isn’t as robust as the market thinks.

From the Fed’s, the manufacturing data has been on the up nearly across the board.

US september 2014 manufacturing trends

US september 2014 manufacturing trends

The Empire state was the first and is used as a barometer for the new month and it’s delivered in September.

What we have seen though throughout these reports is fairly good but not great employment numbers and virtually no signs of wages or prices rising so keep watch if any of them jump in the ISM.

We had the final Markit manufacturing PMI up showing a slight drop on the headline and orders but employment was up.

In the ISM the market is looking for a slight dip in manufacturing to 58.5 from 59.00 and for prices paid and employment top drop slightly too.

If we get a good number the 110 might get tested pretty quickly but if we miss then that could spell trouble for a dollar buoyed by rate expectations.