US Non-manufacturing ISM rose to 48.9 in July much higher than the consensus of 46.2. Also Construction Spending for June rose 0.3% again beating expectations for a fall of 0.5%. Not the most sparkling of reaction from the currency market with Eur/Usd 15 points higher at 1.4340, but the market remains wary of getting long in front of possible further Chinese selling at 1.4350.