The US dollar move that followed the PPI report has completely reversed now and in some cases has surged in the other direction.

USD/JPY fell to 137.69 at the lows immediately after the PPI report but it's back to 139.47, around 180 pips.

USDJPY 10 mins d

In the case of commodity currencies, they're now below where they were prior to the CPI data.

The move in FX calls into question the enthusiasm in the stock market. The S&P 500 is up 56 points, which is about 25 points below the post-CPI spike in futures.

At the end of the day, the PPI report is still second-tier data and the moves on it were way out of line with history.