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HERE COMES ISM SERVICES...

Matthew BoeslerFeb 5, 2014, 20:08 IST

REUTERS/Brendan McDermid

Heads up! We are minutes away from the release of the Institute for Supply Management's monthly survey of services-sector firms, due out at 10 AM ET.

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."

We will have the full release LIVE at 10 AM ET. Click here to refresh for the latest updates »