The US jobs report may play second fiddle in terms of data importance today

In case you need a reminder on what happened in January:

• US dollar sinks on hard landing fears after ISM services survey plunges

While the main focus is on the US non-farm payrolls first and foremost, it may not be the most important data release on the day. The ISM services report saw a stark miss in December (49.6 vs 55.0 estimated) and the reading is expected to come in at 50.4 today.

As much as broader markets may be paying attention to the US jobs report, another big miss could really set off fears of a hard landing and that could compound the pain in the equities space so far on the day.