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USD/JPY spikes and slides even as US CPI hotter than forecast

The February US CPI report has just hit the screens and it has delivered an upside surprise, but by that much. The annualised core rate has only fallen back to 3.8%, from 3.9%. The non-core annualised rate has risen to 3.2%, from 3.1%. The main driver behind the gains there appears to have come from Gasoline prices. So, the dollar has lifted on the news, most especially versus the Yen. The USD/JPY spiked to above 148 on this news, reaching 148.12, but it has backed off almost as quickly. The dollar is now falling back and perhaps that is a little strange given this news, It is just now trading at 147.55

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