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The December US Producer Price index was released a short while ago and despite the markets expecting a higher reading last month, the data has not exceeded those forecasts. The annualised core rate did rise, but only to 3.5%, where the markets were expecting a 3.8% above the prior run rate of 3.4%. The immediate reaction to the data saw the dollar fall. The USD/JPY has traded earlier at 158.13, it fell back below 157.50 on seeing this data. It has now pared that fall, but there us no getting away from the fact; this PPI data has rather undermined the chances of a move further above 158 for the time being. The USD/JPY is right now at 157.65
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