US markets are trading near the previous day's close as investors react to weaker data at home despite some signs of improvement in Japan, Europe, and India. Releases in the US included a revision to first quarter GDP that came in slightly better at 5.7% but worse than the 5.5% forecast on Bloomberg. Personal consumption came in at 1.5%, noticeably below the 2.0% previously cited. Also, recently released Chicago PMI data posted a sharp fall as the region contracted for the 8th month. The figure is important in that its release ahead of national PMI data often acts as a leading indicator for the country as a whole. NAPM's Milwaukee reading meanwhile posted a slight increase ahead of expectations to 43 from 39, signalling conditions that are deteriorating less rapidly. Final revision to the consumer confidence reading by the University of Michigan also increased further to 68.7 from a preliminary 67.9. Currency markets are seeing more risk appetite as the US dollar continues to depreciate against several key crosses with the euro hitting a year-to-date record high above 1.41.
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