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USD/JPY ignores weaker ADP payrolls
Following on from the previous update, noting the slightly disappointing ADP payroll data, the dollar has lifted now and the initial reaction lower has been corrected. The US stock futures are buoyant right now too and this data has not done those markets any harm it seems. The USD/JPY did dip below 151 on the payroll news, but then bounced back to 151.20. So, in essence rather inconclusive price action there. It remains to be seen how this will pan out ahead of the more important service sector ISM report, at 3pm GMT. However, so far US yields have not fallen back at all. In fact that 10 year note is actually higher now, currently at 4.27% and that is surely stopping a more negative reaction in the USD/JPY, currently trading at 151.14
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