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US ISM manufacturing index beats forecasts- USD/JPY lifts
The December US ISM manufacturing index has just been released. The data has beaten forecasts for the headline number, rising to 49.3 from 48.4. The prices paid component has also beaten estimates, rising to 52.5. New orders have risen to 52.5 which was another beat, but the employment component has missed, at 45.3. The USD/JPY was trading around 157.15 leading into this data. It has immediately jumped higher on the news. However, the employment component has surely dampened the reaction. That said US yields are immediately higher and that should support the dollar. The USD/JPY is currently trading at 157.30
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