USD/JPY spikes higher as US ISM index beats forecasts and prices rise

The US January ISM manufacturing report has just now been released. The markets were forecasting a slightly higher reading, to 49.8 from 49.3 recorded in December. The actual reading is 50.9. Priced paid were forecast to 53.5 from 52.5. They have actually risen to 54.9. No matter what the prices are in January that is potentially an irrelevance given where they might rise to in the future, once these trade tariffs start to bite. So, in that sense this data is pretty redundant to be honest with you. So, as noted here earlier, this report is surely not good for anything else apart from the odd drive-by move, or two. The main game in town remains as it has been ever since Friday evening and that needs to be remembered when considering this data. Nevertheless, the USD/JPY had fallen back to around 154.38 ahead of this data. It has jut spiked back above 154.70 on the news. The prices paid element of this is clearly the focus right now. The USD/JPY is currently trading at 154.60