Forex Daily Analysis - Wednesday, Sep 5th

USD Bid Ahead of ISM Figures

Market activity was limited yesterday as US and Canada were closed for Labor market day, so the action was dominated by range trading.

Overnight News Bullets

* SZ GDP (2Q) out at 0.7/%2.8% vs. 0.7%/2.4% expected.
* E-Z PPI MoM/YoY (Jul) out at 0.3%/1.8% vs. 0.1%/1.7% expected. Prior at 0.1%/2.2%.
* E-Z GDP QoQ/YoY (2Q P) out at 0.3%/2.5% as expected.
* E-Z Gross Fix Cap (2Q P) out at -0.2% vs. 0.0% expected.
* E-Z Household Consumption (2Q P) out at 0.5% as expected.
* E-Z Govt. Expenditures (2Q P) out at 0.1% vs. 0.3% expected.
* E-Z GDP Forecasts unchanged. Q4 expected at 0.2-0.8%, Q1 2008 at 0.2-0-9%.
* US ISM Manufacturing (Aug) out at 52.9 vs. 53.0 expected. Prior at 53.8.
* US ISM Prices Paid (Aug) out at 63.0 as expected. Prior at 65.
* US Construction Spending MoM (Jul) out at -0.4% vs. 0.0% expected. Prior at 0.1% , revised from -0.3%.
* UK Nationwide Consumer Confidence (Aug) out at 94 as expected. Prior at 96.
* AU RBA Cash Target rate out unchanged at 6.50% as expected.
* AU AiG Performance of Service Index (Aug) out at 51.6 vs. 56.0 prior.

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