Market movers today
● The ISM manufacturing index is likely to fall back a bit after last month’s surge. We suspect that seasonal adjustment added almost two points to the index in July and expect the ISM to give back some of the increase. However, the level should remain high, indicating a continued improvement in the US economy.
● Markit final manufacturing PMI for August (flash was 53.9) is published an hour before ISM. The two indices differ because of differences in weighing of sub-indices, survey panels and seasonal adjustment methodology.
● In Denmark the central bank will publish foreign exchange reserve figures. With the EUR/DKK holding well below 7.46 for most of August, we do not expect the central bank to have had to intervene.
Read the full report: FX Daily
Danske Bank