Powell offers few clues but does talk PCE lower- USD/JPY edges backwards

The USD/JPY was falling back after the US data drop, as covered in the previous couple of updates. It has just edged a little lower following comments from the Fed boss, Jerome Powell a moment ago. Powell said he sees April PCE running at 2.2% which is pretty much on the low side. However, he has offered no clues yet on monetary policy. That said, this comment on PCE has helped to push the USD/JPY a little lower. The other thing to note about the PPI data just now; the fall seems due to producers reducing margin in an attempt to absorb any price increases and that could yet be significant. However, the markets are focusing on the headline falls right now and that has dented the dollar somewhat. That all said, we are talking about very modest moves at this stage, no matter what dollar pairing you look at. The USD/JPY just traded below 145.70, but in thre time taken to write this it has bounced back to 145.85