US PPI rose at a stronger pace than expected in January.
US Dollar Index stays in daily range below 98.00.
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), declined to 2.9% on a yearly basis in January from 3% in December, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading came in above the market expectation of 2.6%. On a monthly basis, the PPI rose 0.5% following the 0.4% increase (revised from 0.5%) recorded in December.
Other details of the report showed that the PPI ex Food & Energy was up 3.6% on a yearly basis in January, compared to the market forecast of 3%.
Market reaction
The US Dollar Index showed no immediate reaction to producer inflation figures and was last seen trading marginally higher on the day at 97.82.
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