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.
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.
