It is interesting to note that despite the sluggish markets, the negative US data and the Gold buyers not being deterred, the hawkish Fed bets remain unchanged. On Monday, the US ISM Manufacturing PMI for June dropped to its lowest level in three years, staying below the 50.0 level for the seventh consecutive month. It recorded a figure of 46.0, which was lower than the expected 47.2 and the previous reading of 46.9. Additionally, the S&P Global Manufacturing PMI for June confirmed a figure of 46.3, the lowest in five months. On the positive side, Construction Spending improved by 0.9% MoM for May, surpassing the expected 0.5% and the previous 0.4%.
Despite this, S&P500 Futures saw a decline while Wall Street managed to achieve minor gains.
Looking ahead, it is uncertain how the US holiday and light calendar elsewhere will impact the market's direction.
Looking ahead, it is uncertain how the US holiday and light calendar elsewhere will impact the market's direction.
