The Dollar was dragged slightly against the Japanese Yen after the disappointing PMI reports for the US. The USD/JPY dropped 13 base points to the 113.79 mark, but remained at the relatively strong level recovered after the decline triggered by the Japan’s PM Shinzo Abe election victory.
The preliminary PMI report for the US services and manufacturing sectors showed better-than-expected readings of 55.9 and 54.5, respectively. The expansion indicators bolstered optimism over the US economy, though the bullish release failed to encourage the Greenback. Preliminary data was likely to confirm projections for the Federal Reserve to announce the interest rate hike at the December meeting.
