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ISM data fails to push the dollar to the front-check out the Dollar index (USDX) today

Turning back to the impact of the service sector ISM report yesterday, this author is a little surprised by the lack of a lasting positive impact on the dollar. Granted the dollar did rise on the data, but it has not held the gains. The USD index (USDX) just nosed above its 200 day moving average yesterday (then at 104.43 and now at 104.44). The high seen was set at 104.46, but it subsequently fell back onto the US close (104.30) and it has fallen back further today. Breaking down that ISM data it was pretty impressive, but clearly at odds with so much of the most recent data elsewhere. Perhaps it is that which has not sustained the gains for the US currency? Maybe it is the proximity of the monthly jobs report tomorrow? Well, right now it seems the US currency will need that to pretty good because if it is not we might get more of the same in terms of dollar direction. The USD index is currently trading around 104.16 
 

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