In 20 minutes (at 1445 GMT) the December Chicago PMI will be released. The consensus is 61.0 after a 62.6 reading last month that was a seven-month high. The range of estimates is 59-64.
The bias is slightly to the upside after the Philly Fed rose to 10.3 from 3.6 and the Empire Fed to 9.5 from 0.6 but most of the estimates were delivered after those results. Employment is expected to stay close to the same at 56.9 with new orders and prices paid ticking higher.
I don’t see a large scope for a significant reaction unless we see something near the extreme ends of the range of estimates.
