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A bad miss on US ISM service sector sends USD/JPY immediately lower (corrected)
The November reading of the ISM service sector index has just been released and it has missed badly, at just 52.1. The prior reading was at 56. The prices paid component is higher, but all the other components are lower and below consensus. Ahead of this the November PMI data on services was revised lower (56.1 versus flash 57), but the markets and the dollar kind of absorbed that, as they waited to see if the ISM numbers would contradict that, or not. Well, it has not. In fact it has really disappointed here and the dollar has consequently fallen on the news. The USD/JPY is as usual front and centre of the reaction and it has dropped back towards 150.50 on the news
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