:::: United States, the major currencies dollar look at ISM and Fed-speak of the Direction

Currency 01 may 2012 strategist 08: 00 GMT Talking Points

British Pound may extend bond on the data of the Soft Manufacturing PMI result ISM, comment Fed to focus for the US Dollar and risk appetite Australian Dollar tumbling as RBA cutting rates by 50 bps unexpected, most of the major markets Europeans are closed for the labour day leave, make an economic calendar light and thin trading conditions. UK Manufacturing PMI figures complete the record, with expectations for growth in the sector of plant cool in April to reverse the acceleration recorded the previous month. The expectations of monetary policy are in discussion for the pound sterling, which means that the currency may have a scope to extend losses after its first daily decline in two weeks yesterday.

Later in the session, the ISM us manufacturing report penetrates into the spotlight. Appeal of forecasts of a mild slowdown in April that keeps the movement of modest increase cut intact last year July (a print below 52.6 would be necessary to align the trend, and expected a result 53.0). Expectations for there remain essential for the US Dollar and the appetite for risk in General, which means that a soft result is likely to be adopted as fodder for the hopes of recovery and weigh on the greenback. A head is supposed to produce the opposite effect. A role occupied comment Fed, whose branch regional Presidents Kocherlakota, Williams, Evans, Lockhart and Plosser will be evaluated in the same sense.

The Australian Dollar fell in trade an otherwise quiet night after the Reserve Bank of Australia unexpectedly reduced rates of 50 basis points, bringing the reference rate to 3.75%. RBA Governor Glenn Stevens noted in the accompanying the decision that global economic growth would probably be "continue a trend under pace this year," singling out conditions in Europe as "very difficult."

At home, Stevens said growth was "below trend" while "inflation will probably lower than expected earlier" in the next few years one or two, the establishment of the scope for greater ease in the coming months. "." Markets are now pricing 125 bps in addition decreases rates in the next 12 months according to data compiled by Credit Switzerland.

Asia session: What happened

Private pay additional ex (QoQ) (first quarter)

Average hourly earnings (QoQ) (first quarter)

Private cost of labour (QoQ) (first quarter)

AiG Performance of manufacturing Index (APR)

RPData-Rismark home real PX (MAR)

Reserve Bank of the decision of the Australia rate

RBA Commodity Index SDR (YoY) (APR)

The RBA (APR) products price index

Session of the euro: what to expect

Critical levels