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USD/JPY drops back as US ISM misses forecasts on all counts

The important and quite eagerly awaited US ISM manufacturing data has just now been released and it has missed forecasts on all counts. The index fell to 47.8, from 49.1. Prices paid slipped to 52.5 and now orders and employment both fell into contractionary territory below 50.The upwardly revised PMI data that preceded it and was noted here, helped to push the dollar to session highs but this data has sent is lower again and the USD/JPY has dropped back from above 150.70, to below 150.40. US yields have also fallen on this news and that has helped to underpin the Nasdaq 100 and S+P 500 indexes. It has also helped gold to rebound from an earlier interim low. The USD/JPY is right now trading at 150.37 

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