ForexLive North American wrap: US manufacturing in a rut

ISM manufacturing 49.6 vs 50.0 exp US July construction spending -0.9% vs +0.4% exp Markit US PMI 51.5 vs 51.9 prelim UK services PMI leaks early, 53.7 vs 51.1 exp ECB's Asmussen: ECB ready to regulate banks if certain conditions met Bank of Italy: Spreads should be 225 bp lower Monti: Countries that have met obligations should be helped with excessive bond spreads Greek PM to meet Draghi September 11 Spain 2yr yields -44 bps to 3.01% S&P 500 down 0.1% to 1405 CAD leads, NZD lags EUR/USD was choppy in US trading after slumping in European trading. The pair jumped to 1.2598 when yesterday's Draghi comments re-ran and caught some off guard. Afterwards it drifted down to 1.2564. Small stops below 1.2550. Cable ran into resistance in Europe at the late-Aug high of 1.5912 and that level held a second time when the UK services PMI was leaked a day ahead of time. USD/CAD was similar, hitting old support (nearly to the pip) for the third time. The key level was 0.9842 but USD/CAD was reluctant to break it ahead of tomorrow's BOC decision. Resistance at 0.9950.