ISM service sector index in the spotlight later today- USD index (USDX) part 1

There is one important US release of note due out later today (at 2pm GMT) and that is the April ISM (Institute of Supply Management) services sector index. We had the ISM manufacturing last week and that beat estimates and helped to underpin the dollar. The service sector index is arguably more important, as that sector accounts for more than 75% of US GDP. The markets are expecting a lower reading for this in April, down from the 50.8% reading in March. The consensus forecast is around 50.3%. Naturally, anything below 50 will not be greeted well, as that signifies contraction. The dollar will be acutely aware of that, if it transpires. Last week the dollar index (USDX) rebounded from a low at 98.90 and rose to 100.37 on Thursday. Those parameters were noted here on Friday and they remained intact ahead of the weekend. The rebound later on Friday, from a low at 99.39, saw it rise into the weekly close and end the week above 100, at 100.03. Please read on to part 2 for more detail and outlook