U.S. Dollar Higher After Strong PPI Data
14 Marzo 2024 - 7:22AM
RTTF2
The U.S. dollar firmed against its major counterparts in the New
York session on Thursday, as hotter-than-expected producer
inflation data for February prompted investors to slightly scale
back expectations for a rate cut in June.
Data from the Labor Department showed that the producer price
index climbed by 0.6 percent in February after rising by 0.3
percent in January. Economists had expected producer prices to rise
by another 0.3 percent.
The report also said the annual rate of producer price growth
accelerated to 1.6 percent in February from a revised 1.0 percent
in January.
Economists had expected the year-over-year price growth to rise
to 1.1 percent from the 0.9 percent originally reported for the
previous month.
A separate data showed that first-time claims for U.S.
unemployment benefits edged slightly lower in the week ended
February 9.
The report said initial jobless claims slipped to 209,000, a
decrease of 1,000 from the previous week's revised level of
210,000.
Economists had expected jobless claims to inch up to 218,000
from the 217,000 originally reported for the previous week.
The greenback firmed to 1-week highs of 1.0882 against the euro
and 1.2730 against the pound, from an early low of 1.0954 and a
2-day low of 1.2823, respectively. The greenback is likely to find
resistance around 1.06 against the euro and 1.24 against the
pound.
The greenback advanced to 1-week highs of 148.32 against the yen
and 0.6569 against the aussie, off its early lows of 147.42 and
0.6631, respectively. The currency is likely to locate resistance
around 153.00 against the yen and 0.64 against the aussie.
The greenback climbed to 8-day highs of 1.3534 against loonie
and 0.6122 against the kiwi, from an early low of 1.3459 and a
2-day low of 0.6631, respectively. Immediate resistance for the
currency is seen around 1.37 against loonie and 0.60 against the
kiwi.
The greenback touched 0.8838 against the franc, setting an 8-day
high. Should the greenback continues its uptrend, 0.90 is possibly
seen as its next resistance level.
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