The relevant data will start to flow today on the U.S. economy, and will continue to flow till the 8:30 EST on Thursday, where the famous job's report will be re-leased, with hopes and wishes from all markets participants that labor market may show a positive signal about the crumbling U.S. economy.

Today, the ISM manufacturing index is expected to decline for the 5th month in a raw to 48.5 down in June after 49.6, highlighting the impact the economic slow-down and the skyrocketing food and energy prices.

As food and energy prices are sucking money therefore all the spending power form the Americans'' pockets, there is nothing much left to be spend on manufac-tured goods, consumer spending has slowed in the recent times, affecting the manufacturing sector badly and therefore affecting the labor market, and here comes the correlation between the ISM reports and the jobs report.

Manufacturing construct a considerable portion in the economy, and a very huge supporter to the labor market, but when we see further declines in that sector, we can not get our hopes high about a bright jobs report, at least not for the manufacturing jobs, and that's why we need to open our eyes and ears for the ISM employment index, so we can take some hints about the non-farm payrolls.

The start will be rough on the U.S. dollar that is struggling to hold a breath after last week's breakthrough to the downside, while U.S. stocks are feeling the agony form the financial sector, recording some fresh lows as measured by the U.S. ma-jor indices, and now the talk still on Wall Street if the worse has passed yet??? Or we will witness another round of economic slow down and write downs in major financial institutions??? And what would the FOMC decision in the next monetary policy meeting...??!!