USD dips despite higher-than-expected PPI data
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Daily Currency Update
The US Dollar Index (DXY) was down so far today around 0.19% to trade near the 105.02 level. The USD was down against the EUR, GBP, AUD, and CAD despite positive Producer Price Index (PPI) data. The monthly PPI, which shows the change in price of goods and services sold by producers, was released today coming in at 0.5%, higher than the expected 0.3%. The Core PPI, which excludes food and energy, also came in higher than expected at 0.5% versus the expected 0.2%. Federal Reserve Chair Jerome Powell is set to speak later today which may cause movement in the USD.Key Movers
The EUR was up against the CAD, USD, and GBP this morning following the release of German Final Consumer Price Index (CPI) data. The monthly Final CPI data, which measures the change in the price of goods and services from the consumer perspective and is a key inflation indicator, came in as expected at 0.5%.In UK news, the GBP Claimant Count Change data was released, which shows the change in the number of people claiming unemployment benefits the previous month. This came in lower than expected at 8,900 versus the expected 13,900. The GBP Average Earnings Index was also released at a higher-than-expected level of 5.7% versus the expected 5.3%.
The Canadian dollar was up this morning against the weakening USD, but slightly down against the AUD and EUR so far today. Canadian monthly Wholesale Sales data was released, this data provides performance indications of the wholesale trade sector and can be an important indicator of the Canadian economy. Wholesale Sales came in lower than expected at -1.1% against the anticipated -0.9%. In oil news, West Texas Intermediate (WTI) crude oil was down by around 1.19% this morning to trade near 77.69.
Expected Ranges
- EUR/USD: 1.0766 - 1.0822 ▲
- GBP/USD: 1.2509 - 1.2584 ▲
- AUD/USD: 0.6579 - 0.6627 ▲
- USD/CAD: 1.3632 - 1.3690 ▼