US Dollar Enjoys Strength as PPI, Unemployment Claims Data Support – FX Leaders

0 1
The US dollar continues to maintain its strength against leading currencies into Friday as investors look forward to the Fed announcing plans to begin tapering stimulus efforts soon. At the time of writing, the US dollar index is trading at around 92.96, close to a four-month high.While the CPI figures dampened hopes for faster tapering and tightening by the Fed, the PPI data that released in the previous session drove up these expectations all over again after it rose at the fastest pace in over 10 years during July. Producer prices were up by 7.8% YoY, coming in higher than economists’ forecast of a 7.3% rise, indicating that rising prices continue to put pressure amid rapid economic recovery.The stronger than forecast NFP report for July raised the likelihood of the US central bank reversing its dovish stance sooner than planned and driven the US dollar higher last week. The hopes were further bolstered after several Fed officials also indicated that it was time to look a
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.