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USD/JPY drops back after US ISM index misses forecasts
The July US ISM manufacturing index has just been released and it has missed on forecasts, falling to 46.8. As noted here earlier, the markets were expecting a modest increase on the June report, to 48.8 where the index stood at 48.5. So, this is not a good outcome, with all components falling below forecasts, except for the prices paid, which rose to 52.9 from 51.8. The dollar has understandably reacted negatively to the news. The USD/JPY which had earlier risen to a session high at 150.89, has now dropped below 150.25 on this news, as US yields fall back. The 10 Year note is now below 4%. The USD/JPY is currently trading at 150.17
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