December Chicago PMI 65.4 vs 60.3 expected

Results of the December 2018 Chicago PMI

• Prior was 66.4

• Prices paid rose at a slower pace

• Employment rose at a slower pace

• Production rose at a faster pace

• New orders rose at a slower pace

• 3 components rose vs 5 prior

This is a much-needed beat at a time when markets are jittery. The plunge in the Richmond Fed earlier this week was concerning but today's Chicago PMI remained near the top of the range for the year.

USD/JPY has ticked higher in the aftermath as it attempts to form a base at 110.25.