The Japanese Manufacturing PMI came in at 46.9 (vs. 48.0 in Sept.), bringing to an end the positive run of figures in Asia so far this morning.

The number reflects:

  • falling exports
  • slowing local demand

NZD, Cable and the EUR/USD had all been ticking higher (nothing huge, but, hey, this is normally the quietest time of the 24-hour cycle) and approaching resistance on the short-term charts. The quiet climbing has stopped (for now at least).

The USD/JPY, however, has benefited from the poor PMI, again nothing huge, but ticking up to 79.65 from 79.58 before the release.