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USD/JPY slips and rebounds as Core US PCE in line with forecasts (corrected)
The May US PCE report has just been released. The markets were expecting a lower level of Core annualised PCE price inflation last month (2.6% versus prior 2.8%). Well, that annualised rate has matched expectations at 2.6%. The dollar initially dropped on this data, perhaps on relief that it was not higher. The Dollar is now paring that fall, which was the USD/JPY drop to a new session low at 160.37. The USD/JPY is now back above 160.50, as the EUR/USD drops back from a new session high at 1.0720. The USD/JPY is currently trading at 160.50
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