ISM manufacturing for November will be in focus today. The FX market is set to remain highly sensitive to any activity data point, but there is a sense Dollar bulls have survived the consumer spending and PCE risk, so that today’s ISM figures may not have a big impact – barring any big surprises. Incidentally, the notion that the manufacturing sector is in contraction is well established by now.

We expect some Dollar consolidation in the coming days, with still upside risks as the USD reconnects with its rate advantage.