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USD/JPY spikes and slides on US CPI data

The US November CPI report has just been released. In the previous update I noted; that the markets were expecting a very benign set of inflation data here today. Well, that is was slightly higher on the month, but the core annualised and headline rates were in line. Prior to the release the USD/JPY had fallen back to fresh session lows and very close to the 145 handle. It was already rebounding to around 145.15 just as the data hit the screens. The impact of this news initially sent the dollar shooting above 145.50, but that move blew out in a second and the price has since fallen to fresh session lows, underneath 145. It is just now fallen to below 144.75 

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