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US Service sector ISM beats forecasts by some margin- USD/JPY rebounds

The eagerly awaited US service sector ISM report for May has now been released. As noted here earlier today, the markets were expecting the index to bounce back from an April reading at 49.4. The revised consensus on that was for a reading of 51. The index has beaten that forecast and risen to 53.9. The prices paid component was at 59.2 in April. That has now eased slightly, to 58.1. New orders also beat the street, at 54.1. However, that headline beat has sent stocks lower and pushed the dollar back to the top of the pile. The USD/JPY was under a degree of pressure heading into this report, as it had fallen back from above 156.25, to around 155.75. It is now rising back above 156 following this much better than expected outcome, currently trading at 156.15 

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