I think everyone was more focused on the ISM report. Even with the higher PMI number, the market still was bullish on the dollar. It was really weird. Kind of like they knew ISM was going to be good or something.
well, today is the Services PMI report, which I find to be the second most important report next to the manufacturing PMI. However, this will be a tricky trade...this indicator can deviate from consensus by 1 point and cause a big move of over 50 pips on the pound, and another month, it could deviate by the same 1 point, but cause a small quick blip of only a few pips. I'm really going to have to take into consideration the market sentiment during the London session before this report, price levels, and most recent history of this indicator. From April to August of 2006, this indicator was a on steady decline every single month until August. Back in August of 2006, this indicator came out at a record low of 56.7, and since then it was on a steady increase every month, peaking out in November at record high of 59.8.