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Richmond Fed index beats the street on all fronts- USD/JPY close to session highs

The latest Richmond Fed manufacturing and composite indexes have just been released and they have significantly beaten forecasts on all counts. The impact of this data upon the equity markets is hard to fathom right now, because stocks were coming off their worst levels ahead of this release anyway. The dollar is not much changed on this yet and the one pairing to focus on right now could be the USD/JPY. Since rebounding from an earlier European session low underneath 157, the dollar is now close to the earlier Asian high, at 157.40. This data should help to endorse that rebound, but it remains to be seen, if the markets are really willing to put the BOJ to the test and take this to the next level, at 158.20. The USD/JPY is currently trading at 157.34

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