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USD/JPY fails to make it above 151.50 even as US Consumers see higher prices ahead

The latest reading of US consumer confidence has just been released. The markets were expecting a slightly higher reading than 106.7 reported in February. The consensus was just above 107. The actual reading was 104.70 which was rather disappointing, but the prior reading was revised lower, to 104.80 from 106.7. The Richmond Fed index has also just been released and that has improved slightly across all components. The inflation expectation on the consumer inflation outlook was for higher prices and that is quite important- not just for the markets but for the Fed too. The reaction to all this data has rather underwhelmed the US stock markets, but it is still early in the session. The dollar has now reacted positively though and appears to be ignoring that inflation component. The USD/JPY has still not managed to get above 151.50 so far today and following this data it is backing off slightly right now, currently trading at 151.34

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