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USD/JPY falls below 150 after US data disappoints
The dollar has taken a hit following the release of two sets of US dollar that has missed the mark. First the ADP data missed, rising by just 122k where a rise of at least 150k was expected. Then the ECI index (employment cost index) and it came in at just 0.9%, where a rise of 1% was forecast. So, the dollar balked at this and the USD/JPY fell to below 150. The low seen so far has been set at 149.79. However, the dollar was already falling into the first and before the last of this data hit the screens. The USD/JPY have rebounded since then and recovered above 150. There is a good case to suggest that the weakness of all this data was clearly already priced in to this as the USD/JPY had already fallen from an earlier session high at 153.88. As the same time, the move by the BOJ earlier today, raising rates as been compounded by the weakness of this US data. The USD/JPY is currently trading at 150.11
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