USD/JPY lifts as Service sector ISM index tops forecasts

The US January ISM (Institute of Supply Management) non-manufacturing index has just been released. The markets were expecting a modest rise to around 52, from a revised reading in December of 50.5. The index has actually risen to 53.4. The USD/JPY was trading steady, at around 148.43 just ahead of this data. It has now spiked to above 148.70. The prices paid element of the index also rose more than forecast, to 64, from 56.7. New orders and employment are also slightly above consensus.