In June, the annual PPI in the United States increased faster than projected.
Below 92.50, the US Dollar Index falls into negative territory.
The Producer Price Index (PPI) for final demand in the United States increased to 7.3 percent from 6.6 percent in May, according to statistics released by the US Bureau of Labor Statistics on Wednesday. This result outperformed the market’s prediction of 6.8% by a large margin. The PPI jumped to 1% from 0.8 percent on a monthly basis.
According to the journal, the annual Core PPI increased to 5.6 percent from 4.8 percent in May, exceeding analysts’ expectations of 5.1 percent.
Despite stronger-than-expected PPI figures, the dollar is losing ground against its peers, owing to FOMC Chairman Jerome Powell’s dovish tone in his planned statements for the congressional hearing. At the time of writing, the US Dollar Index was trading at 92.42, down 0.38 percent for the day./n
