Traders will digest a barrage of economic events and data this week with the greenback trading on softer footing early in the Monday session, dipping to 105 against the yen and 1.5835 versus the euro. The US reports released today saw a better than forecast Chicago PMI, which improved to 49.6 from 49.1 and beating out estimates for a decline to 48.0.
Despite the holiday-shortened week in the US, markets will scrutinize several key reports including June manufacturing ISM, May durable goods orders, factory orders, non-manufacturing ISM and the June labor report. Manufacturing ISM in June is seen remaining mired beneath the key 50-level to 49.0 from 49.6 in May. Meanwhile, Thursday's labor report is seen mixed with the unemployment rate improving to 5.4% in June, down from 5.5% in May and non-farm payrolls posting another decline at -43.0k, compared with a loss of 49k jobs a month earlier.
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