The US dollar quickly slid 20-40 pips across the board after weak ISM non-manufacturing and factory orders data but the inability of the market to press the advantage demonstrates (once again) that the market hates to bet against the dollar.
USDJPY after ISM
I warned about the possibility of a dollar bounce in the preview for the report:
A reading near 56.0 would remind markets of the serial disappointment of the past but ultimately, even at 2.2% growth, the US economy is still performing better than most of its rivals and that will make US dollar dips a buy
