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USD/JPY tries to rebound despite not so hot US data

The November Richmond Fed manufacturing index and the nationwide US consumer confidence index have both just been released. The headline November consumer confidence index was expected to fall slightly, from a prior reading of 102.6, to around 101. The confidence board present situation was previously at 143.1, but it is the headline number that matters most of all as far as the markets are concerned and that has only dropped to 102. Hence, smaller fall than expected. The Richmond Fed manufacturing index was forecast to be at around 1, down from a prior reading of 3. The index has fallen to -5 and that is not a good number. The impact of this data does not look like being anything like good enough to arrest the current slide in the dollar. However, given that the currency was lower ahead of the data, the price action is a little indeterminate as yet. The USD/JPY has lifted off its lows a little, but as too whether it can sustain more oil a bounce right now is far from certain. The USD/JPY is currently trading at 148.32 
 

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