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US CPI rises less than forecast- USD/JPY slips below 148 and rebounds
The US April CPI report has just hit the screens. As covered earlier, the markets were looking for an increase of 0.3% last month compared to a fall in March of 0.1%. It has risen by just 0.2%. The annualised rates were not expected to change from 2.4% and 2.8% for the core. They have fallen in the non-core to 2.3%, but the core rate is unchanged at 2.8%. The immediate reaction has seen the dollar fall back on this news. The USD/JPY fell back to 147.87 on this. It was trading above 148.20 prior to the release. It is right now paring the move lower, currently at 148.15
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