Analysts at ING suggest that the November ISM manufacturing survey is likely to remain in the contractionary territory today, but should nonetheless record some improvement (increasing from 48.3 to 49.0). 

• "US forward-looking indicators coupled with a likely solid US employment report on Friday does not warrant imminent rate cuts and should justify the Federal Reserve’s pause in its easing cycle. This should support the dollar vs G10 low yielders (EUR, JPY and CHF) this week. It should also reduce fears of a global slowdown (and point to a stabilization in global activity – also helped by today’s better than expected China Manufacturing PMI). This, in turn, should be supportive of emerging market currencies, and those offering high yield in particular.