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USD/JPY fails to advance after US data

FXStreet (Córdoba) - USD/JPY made a shy attempt to move higher but quickly turned lower and hit fresh daily lows following the release of higher-than-expected US PPI figures.

US producer price index increased a seasonally adjusted 0.2% in October versus a drop of 0.1% expected by analysts. PPI rose 1.5% on annual basis against 1.3% forecasted. Meanwhile, core PPI climbed 0.4% MoM and 1.8% YoY versus 0.1% and 1.5% expected respectively.

USD/JPY moved a tad a higher toward 116.65 as the knee jerk reaction, but fell to a fresh low of 116.33 soon after. At time of writing, the pair is trading at 116.50, a few pips below its opening price and just where it was before the release.

With USD/JPY near 7-year highs, investors are refraining from taking big positions ahead of the FOMC meeting minutes, which will be released Wednesday NY session.

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