FOREX: Monday's review

Data released:
07:45     Italy     PMI (July)    50.1    48.5    49.9
07:50     France     PMI (July)    50.5    50.1    52.5
07:55     Germany     PMI (July) seasonally adjusted    52.0    52.1    54.6
08:00     EU(17)     PMI (July)    50.4    50.4    52.0
08:30     UK     CIPS manufacturing index (July)    49.1    51.1    51.3
09:00     EU(17)     Unemployment (June)    9.9%    9.9%    9.9%
      Switzerland     National Day              
      Canada     Civic Holiday              
14:00     USA     ISM Mfg PMI (July)    50.9    53.0    55.3
14:00     USA     Construction spending (June)    0.2%    0.1%    +0.3 (-0.6)%

Obama said from the White House that leaders of both parties in the U.S. House and Senate had approved an agreement to raise the nation’s debt ceiling by $2.1 trillion and cut the federal deficit by as much as $2.5 trillion over a decade.
Shortly before Obama spoke, Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell took to the Senate floor to endorse the accord.
Treasury Secretary Timothy F. Geithner has said the U.S. will run out of options to prevent a default by tomorrow if the debt limit isn’t increased.
Standard & Poor’s said on July 14 that the chance of a downgrade is 50 percent in the next three months and it may cut the rating as soon as this month if there isn’t a “credible” plan to reduce the nation’s deficit.
Manufacturing purchasing managers' indexes across Europe suggested the euro-zone economy got off to a weak start in the third quarter. The data showed that activity at euro-zone factories slowed to a near standstill in July, with even Germany recording slower growth than expected.
The economic situation looked worse in the U.K. The PMI showed that U.K. manufacturing activity unexpectedly contracted last month for the first time in two years. That saw sterling fall more than half a cent against the dollar.

Among EU data today the UK Jul PMI Construction comes at 08:30 GMT. EU inflation data will be in focus at 09:00 GMT.
US personal income/spending are scheduled to release at 12:30 GMT.