USD/JPY lifts back above 148 after University of Michigan index beats forecasts

The University of Michigan Consumer confidence index has just been released and it has come in and it has slightly beaten market expectations. The headline index was at 67.8, above a forecast of 66.9. The consumer inflation expectations component of this index were forecast to forecast to show 1 year inflation at 2.9% and 5 year at 3% and both of those have remained unchanged. The dollar versus the Yen has lifted slightly on the news and so has the Dow Jones and there is clear evidence of continued rotation out of the Nasdaq 100 and into the Dow, as was the case on the opening earlier. As to whether that remains in place until the close tonight is not clear though. The USD/JPY earlier traded to a low at 147.61. It is just now trading at 148.08