The US dollar has benefited from the strong ISM data

A slightly challenging start to the new month.

The US dollar has benefited from the strong ISM data, but the services ISM will now take on even greater importance.

The trend is down for the US dollar, but it is clearly trying to bounce just now and a break much lower in the Euro could trigger quite a substantial stop loss process for a lot of speculators still long the US dollar. The favoured scenario is the USD topping out here, but have to respect the immediate USD buying pressure at first today.