EUR/USD market gets caught short in post PPI reversal

The immediate reaction in the dollar, as noted saw the USD/JPY jump to around 156.80 and the EUR/USD slide to fresh session lows at 1.0768. Well, it did not stay down there for very long folks. As to why that was could be explained by extrapolating the PPI to make it seem it was not quite as high as the bare number would suggest and blame it all on the service sector. That might be true but that does not detract from the raw data. The data is the data, whichever way one tries to cut it. That said, it looks like someone bashed the Euro lower and met with a buyer who has taken them out of the game in terms of any short term price action. That is because the EUR/USD has now lifted back above 1.08 for the first time today and actually just surpassed the high seen yesterday, at 1.0807. The other thing to note today; is that the Fed boss, Jerome Powell is due to spout off this afternoon and perhaps it is fear of his dovish undertones that has sent the dollar back down again? The EUR/USD is just now trading at 1.0802