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USD/JPY Shrugs Off Mixed PMI Data, Trump on Tap
After turning in the strongest performance among the major currencies yesterday, the US dollar is once again near the top of the relative strength charts today. Today’s fundamental data showed slight slowdown in US growth, though the world’s largest economy is still attracting capital in a classic best-house-in-a-bad-neighborhood trade. Specifically, the ISM Non-Manufacturing PMI reading printed at 56.7, just below the 57.1 reading expected by economists and down from last month’s 58.0 print. Delving deeper into the report, most subcomponents saw slower growth than last month, with many respondents citing ... (full story)