Surprise ISM non-manufacturing data set Friday’s US employment report up to be more interesting than usual, says Saxo Bank’s head of FX strategy John Hardy.

A new 2016 high was posted by the ISM's non-manufacturing index which leapt from 51.4 to 57.1, causing both US yields and the US dollar to move higher.

The US jobs report on Friday could set the tone for November’s FOMC meeting and is a key test ahead of the US election on November 8, says Hardy.