Many traders have been told repeatedly that non -farm payrolls (part of the monthly employment report) is the single most important economic release to watch — regardless of whether you trade currencies, commodities, stocks, or bonds. This may have been true in 2004 and part of 2005, but in 2006 the release of the payroll number is no longer the most market-moving event for the U.S. dollar.

Instead, an index that barely had any significance 18 to 24 months ago has stripped payrolls of its No. 1 title.