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So far hotter than expected US PPI has limited impact- USD/JPY turns lower again
Well, if you are wondering just what the heck is going on out there you are not alone. The immediate reaction to the hotter than expected US PPI data has been reversed almost as quickly as it unfolded across a number of markets. US stock futures gave bounced now and so have US bonds. The immediate push higher in the dollar has also reversed, especially versus the Yen. The USD/JPY jumped back above 154 on the news, but it has since reversed to set fresh session lows around 153.50. Look, this makes no sense whatsoever, but it seems the markets are very cautious due to what happened after the CPI data yesterday. That seems to be the nub of it really. At the same time though, watch out for Trump because this afternoon, as this may not be over and done with yet and there are more trap doors lying in wait out there. The USD/JPY is right now at 153.51
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