Sceptics wait for real green shoots of US upturn

THIS week will be critical in terms of defining the outlook for the US economy in the months ahead.

In particular, today’s Institute of Supply Managers’ figure of American activity in June could have a significant bearing on how markets and the dollar behave.

The ISM is projected to increase above the critical 50 expansion/ contraction level. If that happens then the markets will take hope that manufacturing in the US is finally picking up and some further surge in the markets may result as investors take hope from the survey.