Non-manufacturing ISM came in at 41.6 in February versus expectations for 41.0. It is down from the 42.9 level in January.
Reaction so far is muted with the S&P hanging onto most of its gains, up 10 points. EUR/USD trades in the 1.2570s and USD/JPY has backed off to 99.30 after stout defense of the 99.50 barrier triggers.
