ISM Services Expected at 51.0

This is the big one for the day. On a reading above 50 and it will come down to the details, especially new orders. On a fall below 50 the flood gates are going to open. The knee jerk reaction will be to sell commodity currencies, especially CAD. There were no surprises at the stock market open – the S&P 500 is down 30 points to 1144.