US PMI data could be telling this afternoon- S+P 500 close to session highs

So, we have had a whole host of PMI data from Europe this morning and later this afternoon, at 1.45pm GMT we will get the equivalent data from the US. Whilst these are again flash readings for manufacturing and services and subject to revision, the inference of the data will not be lost on the US markets and the dollar. Right now and unsurprisingly the consensus is for lower readings on both counts. The service sector is expected to fall to 52.5 from 54.4 and manufacturing is forecast to fall to 49.1 from 50.2. The prospect of that falling back into contraction, below 50 may not be greeted well, in view of the current backdrop. PLEASE note there will be no updates here when that data is released, so if you are involved please look at the economic release calendar for insights as to what emerges. Ahead of this we know the US stock market futures have been rising this morning. Once again the best performer in percentage terms this morning is the Nasdaq 100 and that is close to session highs, but when it comes to services and manufacturing, the better gauge of that is probably the S+P 500. That is close to session highs just now too, currently indicating a reopening just above 5,400