Important news about Quick News updates later this week as USD/JPY falls back

From 12pm GMT on Wednesday here will be no further updates from this analyst until Tuesday September 3. The US markets will be closed for the Labour Day holiday on Monday September 2. During that absence the US release calendar has one really important release of note and that comes on Friday August 30. That is the July Personal Consumption and Expenditure (PCE) report, due out at 12.30pm GMT and it does have the potential to chuck a fly in the ointment of the anticipated Fed policy shift on September 18. As to how much of a distraction that will cause depends on whether or not the data is much higher than currently forecast. The annualised core PCE price index is currently forecast to rise only slightly last month, to 2.6%, from 2.5% in June. Anything above 3% folks and the markets are sure as heck going to have a re-think on the outlook for a Fed rate cut in September. Anything close to what is expected and the markets will be unfazed. The Dollar is a little higher this afternoon (mostly versus the Euro), as reported earlier, but this data has the power to have an impact in either direction and that especially applies to the USD/JPY. Incidentally, the USD/JPY has just now fallen back below the 144 handle again, after spiking to 144.35 as the Durable goods orders hit the screens. The USD/JPY is currently trading at 143.99