Highlights
US S&P PMI indexes in the flash August report are due at 9:45 am ET. Expectations call for services at 53.8 versus 54.6 in the July final. Manufacturing expected at 53.7 versus 53.9 in the July final. In other words, ongoing moderate expansion in business activity, a remarkable showing of resilience given all the sturm und drang over energy prices.
Separately, not much movement in US Treasury yields after their rebound yesterday. The dollar remains under selling pressure as the latest US Treasury signaling on bond yields reinforces the market view that the debasement of the dollar and US Treasuries will continue. Treasury buybacks seen as a band-aid and sign that the Trump administration won't address underlying borrowing problem.
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