US data was broadly better-than-expected this morning, which help to lift USD/JPY from roughly 98.60 up to resistance at 99.06.
Looking at the data on hand, the ISM manufacturing survey edged up to 36.3 in March from 35.8, which was slightly better than forecasts for a 36.0 reading. Most of the components of the survey registered small increases, including prices paid, production, new orders, employment, new export orders, and imports. That said, all of these indices remain well below 50, signaling a further contraction in activity, albeit at a slower pace.
Meanwhile, the National Association of Realtors (NAR) said that pending home sales rose 2.1 percent in February, versus expectations for a flat reading. There have been a handful of housing-related indicators that have registered surprise improvements during February, which is a positive signal, but we need to see more consistent increases before judging that these moves indicate any sort of recovery.
Source: FXTrek Intellicharts
