The State Of Play For Markets As March Dawns

Although key PMI readings out of the US this week do have the potential to move markets, the fresh ISM prints are separated from February payrolls by a week. That matters, because whatever the ISM surveys show, traders will be in "wait and see" mode until the new jobs figures (and accompanying revisions) either confirm January's blockbuster read on the US labor market or suggest skeptics were correct to question the data. Plainly, markets will be keen to parse the update on average hourly earn