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USD/JPY falls further after US flash July PMI data misses on Manufacturing (corrected)
The US flash PMI readings on the service, manufacturing and composite sectors have just been released. The markets were not expecting much in the way of any kind of improvement in this data. The outcome has been mixed, with a beat on services offset by a drop below 50 in the manufacturing data. Actually, on closer inspection that manufacturing number was really rather disappointing and it was expected to come in at 51.7. It was actually at 49.5. The reaction across the markets has not helped the dollar much at all. The USD/JPY had already traded below any support at 153.66. The dollar has now fallen below 153.40 as this update is concluded and could be headed to the next technical level over time, but that is still some way off, at 151.10. The USD/JPY is currently trading at 153.39
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