Non-manufacturing ISM 59.7 from 59.4

Consensus was 59.5.

Not a stunning jump like some prior months, but very solid.

To be honest, the only figure that matters is US employment data and many months of strong employment data at that. Until then, the Fed will go slow on rate hikes and may even contemplate more QE….

So if the market is in interest-rate differential mode, the dollar will fare poorly. Fortunately, the market has ADD and we can switch focus to sovereign dent on a dime…There is always something to screw you in FX!

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