The GBP is the strongest. The NZD is the weakest.
The GBP is the strongest currency as NY traders enter for the week, while the NZD is the weakest.
The catalyst for both is PMI data. The UK PMI was stronger. Over the weekend China PMI stats were weaker. Weaker data tends to weaken the AUD and NZD currencies.
The USD is mixed - falling marginally against the EUR, GBP CHF, up against the CAD and NZD, and unchanged vs JPY and AUD.
The ranges for the major currency pairs remain low (volatility low). The EURUSD has a range of 50 pips vs a 22-day average of 102. Even the GBPUSD which rallied on the better than expected PMI, only has a 72 pip trading range vs 106 average over 22-days (22 days is around a month's worth of trading).
US Markit PMI will be released at 9:45 AM ET (estimate, 54.0 unchanged). The US ISM manufacturing will be released at 10 AM with an estimate of 50.0 vs 50.2. ISM prices paid is estimate to come in at 38.8 vs. 38.0. Construction spending for the month of September is expected to rise by 0.5% vs. 0.7% last.
At 8:30 AM ET,RBC Canada Manufacturing PMI will be released for October. Last month the index came in at 48.6. Feds Williams speaks at 12 PM ET. In the new trading day tomorrow, the RBA is expected to announce their interest rate decision.
