U.S. markets were closed on Monday to Observe Labor Day. Later today, the U.S. Commerce Department will release July construction spending (vs +0.3% MoM expected), and the Institute for Supply Management (ISM) will post its August Manufacturing PMI (vs 51.2 expected). The S&P 500 (2,928.46) trades above its 20d moving average (2,892.93 – flat slope) but stays below its 50d moving average (2,945.05 – flat slope).
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was mixed against all of its major pairs on Monday, noticeably higher against the GBP. On the economic data front, There was nothing to report as North American equity markets were closed to observe Labor day.
The Euro was also mixed against all its major pairs. In Europe, the euro-zone PMI manufacturing index was 47 in August in second reading, as in first one and vs 46.5 a month earlier. The UK PMI manufacturing index dropped to 47.4 in August, its lowest in seven years, vs 48 in July and 48.4 expected.
The Australian dollar was under pressure against all of its major pairs with the exception of the GBP and NZD.<\/p>\n\n\n\n