US sees biggest Chicago PMI increase in 30 years, and consumer sentiment at a July 2007 high

The Chicago purchasing managers' index (PMI) for May is out, and it's a strong 58.7. The dollar was up against the yen on the news on the stonking increase, the greatest in 30 years, from a previous reading of 49. An increase that large has only been seen three times.

Economists expected a more measured increase to 50 (a PMI of 50 implies neither a contraction or expansion).

Figures from the Univeristy of Michigan consumer sentiment index were also strong, with a July 2007 high of 84.5. Forecasts had expected a figure of 83.7 from 76.4 last month.