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USD/JPY dips and recovers after mixed US inflation data
A good chunk of the US data due this afternoon has just dropped across the screens. The latest weekly jobless claims data was 213k, so slightly better. Q3 GDP was unrevised at 2.8%. The Q3 GDP price index was slightly higher (1.9% versus 1.8% forecast) and 2.1% for the core PCE reading, which was slightly lower. The USD/JPY was lifting back above 151.50 leading into all this data. It has dropped back slightly following this data and that is because US yields have just dipped below 4.25% in the 10 year note following this data. That is surely due to the PCE price index. We shall have to see if that slight miss is replicated in the monthly numbers at 3pm GMT. That prospect might keep the dollar price action relatively contained until it is known. USD/JPY is currently trading at 151.57
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