Skip to main content

USD/JPY recovers all earlier its drop even as ISM misses a beat and here is why

As covered here earlier today, the markets were looking for a modest improvement in the October ISM manufacturing report, to around 47.6, from 47.2. The data has just been released at 46.5. Prior to this data we also had a higher revision to the S+P PMI data. That was revised to 48.5, from 47.8. So, this ISM data has missed and so rather detracted from that PMI gain. In terms of the components, the prices paid element has jumped significantly, to 54.8, from 50. Employment is a little lower and new orders fractionally higher. The reaction across the markets have not seen the dollar fall back again though. Well, so far anyway and maybe that is due to the prices paid rise? We shall see. The USD/JPY is actually quite a bit higher now, as if to endorse that point. It is trading at 152.72
 

Ready to Get Started?

Start here. Join over 3M Libertex users around the world!