US and Canadian manufacturing data along with Draghi
The economic calendar features a few important manufacturing releases today and a speech from Draghi. Perhaps most important is that it's the first trading day of the month, so expect flows to dominate fundamentals.
The first release is the 1330 GMT release of the Canadian RBC manufacturing PMI. There is no consensus estimate and the prior was 51.5.
That's followed 15 minutes later by the Markit final US manufacturing PMI. The preliminary reading was 50.8. This index has been stubbornly strong.
The main manufacturing data point of the day is at 1400 GMT with the ISM manufacturing index. The consensus is for a slide to 51.4 from 51.8.
There is a negative bias in all the manufacturing readings after Friday's Chicago PMI missed estimates and came in a 50.4 compared to 52.6 expected and 53.6 prior. Assume that markets have moved down estimates for the ISM data to about 51.0.
At the same time as the ISM release, the March construction data report is due and Draghi speaks on "The future of financial markets: A changing view of Asia."
