HERE COMES ISM SERVICES...
The median estimate of market economists surveyed by Bloomberg is that the report's headline index advanced to 53.7 from December's 53.0 reading, indicative of a slight acceleration in American services-sector expansion in January.
After the release of payroll-processing firm ADP's monthly National Employment Report this morning - which estimated less private-sector job creation last month than the consensus Wall Street forecast - all eyes are on the ISM release.
"ISM and the employment sub-series are more important than ADP," says Bryan Zarnett, a strategist at Citi.
"With U.S. data continuing to surprise to the upside and market expectations of Fed tightening being brought forward, this morning's ADP print may initially cause some volatility in fixed income and FX markets. However, we believe that ISM is much more important in supporting our long-term USD positive view."
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