Macro commentaryWe will start today’s commentary with information from Australia, where Reserve Bank of Australia have spoken. RBA has announced same decision as in past several months, that it will hold rates on current level for longer period of time, that unemployment is elevated and it will take a while for it to go down. Also RBA noticed a significant decline in mining investments and probably that is the main reason why Aussie is falling since then.

Check what to expect from Central Banks this week.

Today in early London session UK will release PMI in construction sector which is very strong since a while holding above 60.0 points. It’s important for UK because robust growth in recent months is driving construction and probably is driven by construction.

In afternoon session ISM will publish manufacturing PMI in US. Index is rising gradually since February this year and it has reached levels from 2H2013, when GDP growth reached annualized 4%. No US is pretty close to such growth rate.

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