Manufacturing data has been all over the place for the past few months so the market might be hesitant to get too excited, especially with the Philly Fed and existing home sales out at the top of the hour.

Still, you can’t argue with good news and that’s what’s been fueling the dollar rally over the past 6 weeks. But a very strong, and very strange bid is hitting the bond market at the moment and that could suggests some bad news in the data coming up.