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USD/JPY spikes and then dives on conflicting US data
The US November PPI and weekly jobless claims data have just been released. PPI rose by 0.4% last month, where only a 0.2% rise was forecast. The core annualised rate has also risen above forecasts, by 3.4%. Weekly jobless claims unexpectedly rose sharply though, to 242k and that has tempered the impact of the PPI data. So, initially the USD/JPY spiked higher, to 152.45, only to slide back down again, to below 152.10. It remains to be seen which of these two conflicting data releases will actually win out in terms of how the USD/JPY trades over the next couple of hours. It is just now at 152.10
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