USD/JPY extends the recent series of higher highs and lows as the S&P Purchasing Managers Index (PMI) for US Manufacturing unexpectedly climbs to 51.7 in June from 51.3 the month prior, with the gauge for service-based activity reflecting a similar dynamic as the index rises to 55.1 from 54.8 during the same period. As a result, USD/JPY may continue to retrace the decline from the yearly high (160.22) amid the diverging paths between the Bank of Japan (BoJ) and Federal Reserve, and it seems as though Governor Kazuo Ueda and Co. are in no rush to pursue a rate-hike cycle as the central bank plans to adjust its ... (full story)