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US PMI data mixed but better on balance- USD/JPY edges a little higher
The US flash PMI data has just hit the street. We noted earlier how the markets were expecting a modest improvement in the manufacturing and services indexes and hence an overall gain in the composite reading.
Services were forecast to rise to 51.5 from 51.2. It has risen to 53.6
Manufacturing was forecast to rise to 54.4 from 53.9. It has come in a bit lower, at 53.8
The composite reading was forecast to rise to 52.2 from 51.9. It has beaten forecasts, at 53.6
Ahead of this release the US stock markets were mixed with early indications of rotation in favour of the Dow Jones at the expense of the Nasdaq 100. The dollar was towards its best levels of the day and the general risk tone looked tenuous ahead of the weekend. The USD/JPY was trading around 163.83 leading into this data, with a range on the day so far covered by 163.65 and 163.94.
The reaction since has seen it edge a little higher, trading at 163.85, but trading overall seems subdued
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