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US Q2 GDP revised much higher-USD/JPY spikes above 153.25 on the news
The revision to US Q2 GDP has just been released and it has come in way above forests. GDP rose by 2.8% from a prior reading of 1.4% . The GDP deflator was forecast to fall back to 2.6% from a prior rate of 3.1%. That has actually fallen to 2.3% Earlier this morning the USD/JPY fell to set a new interim low at 151.94 and that means it has now reversed almost exactly 1000 points in around 3 weeks, since topping out at 161.95 on July 3. Leading into this GDP data, the dollar was on the rebound from that earlier low, pushing to around 152.85. The immediate reaction to this GDP saw the USD/JPY spike to above 153.25
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