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Dollar lifts as ISM Service sector index beats estimates by some margin- USD/JPY rebounds

The October US ISM service sector index has just been released. The markets were expecting a slightly lower reading last month, of 53.8, down from the September reading of 54.9. It has just been released and it was at 56. An update here yesterday noted not to place too much emphasis on this data because it might only have a fleeting impact, given what is facing the markets over the next 24-36 hours. That caveat remains unchanged this afternoon folks, but this was one heck of a beat all the same. The  employment component was even better, rising to 53 from 48, but prices paid barely moved at all. As usual the USD/JPY has lifted immediately on this news as you might expect rising back above the 152 handle, after dropping to a session low earlier at 151.77 
 

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