Research Team at TDS, suggests that the US ISM manufacturing PMI is projected to mark a fifth month in contractionary territory in February as TD looks for a print of 47.8, a decline from 48.2 and below the market consensus of 48.5. Key Quotes “Our forecast for a further deterioration in the headline index follows a weak performance in regional PMIs and the Markit Flash PMI. Offsetting the negative tone from weak PMI will be an acceleration in construction spending for the month of January. The market expects spending to pick up from 0.1% m/m to 0.3% m/m, while TD forecasts a much stronger 0.8% m/m. Last on the calendar are Ward’s vehicle sales for February. Automakers are projected to show a pickup in sales activity, with TD calling for an annualized 17.8m units, above the consensus of 17.7m.” For more information, read our latest forex news.