USD/JPY slides below 150 as US February ISM services index misses forecasts

The eagerly awaited US ISM service sector index has just been released. Ahead of this the final S+P Global PMI readings for February were revised quite markedly higher. The service sector PMI was revised to 52.3 from 51.4 and the composite was revised to 52.5 from 51.4. Those readings helped to push US yields off their lows. Well, the ISM services data has now hit the screens and it has not endorsed those higher PMI revisions. The index has dropped to 52.6. Prices paid fell by more than forecast, at 58.6, but new orders rose to 56.1 from 55. The reaction across the markets has focused on the headline numbers and the price paid component. The USD/JPY has dropped sharply on the news, falling to 149.70 immediately this data hit the street