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• US ISM PMI Figures Released Today – 1st June 2022

US ISM PMI Figures Released Today – 1st June 2022

All eyes are on the US economy, alert for signs that businesses are beginning to feel the impact of an inflation-weakened US consumer on their bottom line.

The Purchasing Managers’ Index (PMI) for manufacturing from the Institute for Supply Management (ISM) is expected to slip to 54.5 in May from 55.4. The New Orders Index is forecast to rise to 53.6 from 53.5 and the Employment Index should reach 53.6 from 50.9. Prices are predicted to climb to 86.2 from 84.6 in April.

In April, overall PMI fell from its recent high in February of 58.6. New Orders had faded from 61.7 in the same month and employment was down from 56.3 in March, its best level since 57.7 a year earlier.

This high impact event will be at 17.00 GMT+3 server time.

In other news, Gold prices hit a near two-week low on Wednesday, as rising Treasury yields, and a strengthening U.S. dollar continued to sap demand for greenback-priced bullion. This is the second consecutive month of declines.

Investors are also likely to be keeping close tabs on European Central Bank President Christine Lagarde who will be speaking on a panel from 14.00 GMT+3 onwards.

Also today will be speeches from the heads of the Federal Reserve banks of New York and St. Louis scheduled for after the close of trading in London which may also sway global markets.

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