U.S. ISM manufacturing index likely to have risen in June

The U.S. ISM manufacturing index is likely to have strengthened in June. According to a TD Economics research report, the ISM manufacturing index is expected to have risen to 55.5 in the month, owing to a broadening rebound in regional soft data. The May data had come in at 54.9. The ISM-adjusted empire manufacturing reached a six-year high in June and while the Philly Fed Index dropped lower on an ISM-adjusted basis, it still continues to be close to cycle-highs and strongly entrenched in expansionary territory.

Chicago PMI had also surprised to the upside in June, coming is just below the previous cycle high set in 2011. This should augur well for market sentiment, though the inflation and hard data are more vital for the Fed in the current environment.

At 22:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -102.758. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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