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The important US data due shortly for the USD/JPY

The USD/JPY has rebounded to 147.78 so far today, from an earlier session low at 146.85. It is just now backing away from that high, as the dollar more generally edges back from highs elsewhere too. In less than one hour from now we will get some important US data releases. That is the latest PCE report and it is the most important US data release of the week by some margin. We also have the usual weekly jobless claims numbers. Later, at 3pm GMT we get some further US home sales data (pending sales) and that might have an impact, as the real estate market in the US is just beginning to show signs of a slowdown. So, at 1.30pm GMT that PCE (Personal consumption and expenditure) data could have a significant impact, if wide of current forecasts. The deflator component is probably the most important within this data and that is expected to decline, to a rate of 3.1% annualised in October, from 3.4% previously. The monthly count is expected to fall to just 0.1%, from 0.4%. Anything really outside of those expectations in any direction is going to impact the US bond markets and de facto the USD/JPY, which is currently trading at 147.56
 

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