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US DATA REACT: USD/JPY reaction more muted than the retail sales headlines would
suggest as the lower than expected February figures are countered by upward
revisions to January and a slightly higher than expected PPI release. MNI
analysts point out: The data point to a very soft PCE number for the first
quarter and even excluding a 0.9% decline in motor vehicle sales, retail sales
ex auto were up only 0.2%, much weaker than the 0.5% rise expected.