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USD/JPY delivers contrasting and rapid price action following US PPI report
The August reading of producer price inflation has just been released. As noted here in the previous update, it was expected to show a fall last month in the annualised non-core reading and that is what it has done. The annualised rate has actually fallen to 1.7% from 2.2%, but that core annualised rate has remained unchanged at 2.4%. The USD/JPY has lifted on the news, probably because the data was not actually lower than forecast and the monthly reading was actually slightly higher, at 0.2 and 0.3% for the core rate. The USD/JPY had traded to a low at 142.17 immediately on seeing that data, but that was a robot led reaction that was instantly reversed just as quickly. To be honest there was nothing in this data to really upset the US currency. The high since the low was at 142.60. It is currently trading at 142.35
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