Toppy action in USD/Global PMIs/Eurozone inflation ahead of ECB meeting

Keep an eye on the US dollar index as chart wise it's looking like the right shoulder of a classic head and shoulders top.

DXY

The data focus today is on February global manufacturing with a slew of PMI's being released ahead of the US ISM at 10am est. I'd call it all a very mixed bag.

China's state sector focused manufacturing PMI hovered around 50 at 50.2, up 1.1 pts m/o/m. So did the non-manufacturing figure at 50.4 vs 50.2. The private sector Caixin China manufacturing print was 50.8 from 50.1. The Lunar New Year always distorts the January/February numbers. Caixin said, "Overall, the market showed clear signs of recovery, with manufacturers launching new products." And, "Optimism among manufacturing entrepreneurs continued to grow. The gauge for future output expectations rose close to its historical average, matching a level last seen in November. Entrepreneurs had relatively high hopes for future market supply and demand."

There were some caveats though in the commentary. "China's economy still faces significant challenges, with rising uncertainties in employment and household income constraining efforts to boost domestic demand and stabilize the economy."