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US ISM disappoints-USD/JPY dips and rebounds
The US June ISM (Institute of Supply Management) manufacturing index has just been released. There are a number of components within this report to consider and that has delivered the following- The index itself has fallen to 48.5 from 48.7 and that is a miss on forecasts. The prices paid component also fell, to 52.1 from 57. Employment fell to 49.3 from 51.1, but new orders did beat slightly, rising to 49.3 from 45.4. Overall though this is not a great set of data and the dollar has fallen back on the news. US stocks have rebounded off the lows though in terms of the S+P 500 and the Nasdaq 100. Of course the Dow Jones was higher anyway. This news had sent US yields slightly lower and that has stalled the topside on the USD/JPY for the time being. That said the reaction is not exactly massive yet and perhaps not will not be. The USD/JPY fell back close to 161.00 but it has rebounded quickly, it is currently edging back up right now, trading at 161.32
Market News
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