(MENAFN- DailyFX) October's UK Manufacturing PMI data headlines the economic calendar in European trading hours. Expectations point to a print at 51.3, marking the third consecutive slowdown in the pace of factory-sector activity growth. UK news-flow has weakened relative to consensus forecasts recently (according to data from Citigroup), opening the door for a downside surprise. That may stoke speculation of a dovish turn in BOE rhetoric at this week's policy meeting, weighing on the British Pound.
Later in the day, the spotlight turns to the US ISM Manufacturing index. A drop to 50.0 is expected, amounting to the fourth consecutive deterioration and the lowest reading since December 2012. Realized US data outcomes have cautiously improved relative to expectations in the past month, recent disappointments notwithstanding. That hints at the possibility of a better-than-forecast print, which could build on last week's hawkish FOMC statement and boost the US Dollar.
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