JP Morgan’s Global PMI index has come in at exactly 50 in July, up from the 47.0 seen in June and hitting the highest level in fourteen months. Elsewhere Ford have started the car sales data, posting a rise of 2 % in July. As Friday’s extension of the cash for clunkers scheme attests, the demand for new cars is out there, but as we are seeing elsewhere this demand is just brought forward and adds to consumer indebtedness.
In Eur/Usd we sit just a few points off of todays highs at 1.4425, even though stock futures are well off their highest levels.
