US annual PPI inflation rises to 2.2% in April as expected
Source Fxstreet
- Producer inflation in the US climbed to 2.2% on a yearly basis in April.
- US Dollar Index stays in positive territory above 105.00 after PPI data.
The Producer Price Index (PPI) for final demand in the US rose 2.2% on a yearly basis in April, the data published by the US Bureau of Labor Statistics showed on Tuesday. This reading followed the 1.8% increase recorded in March (revised from 2.1%) and came in line with the market expectation.
The annual core PPI rose 2.4% in the same period, matching March's increase and analysts' estimate. On a monthly basis, the PPI and the core PPI both rose 0.5% in April.
Market reaction
The US Dollar (USD) gathered strength against its rivals with the immediate reaction. After spiking to a daily high near 105.50, however, the USD Index retreated and was last seen gaining 0.1% on the day at 105.32.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Silver price (XAG/USD) attracts some buyers to near $52.60 during the early Asian session on Tuesday.
Bitcoin (BTC) price drops below $113,000 at press time on Tuesday, undermining the 4% gains from Sunday.
EUR/USD steadies in the early European session on Tuesday, but remains close to multi-month lows, trading at 1.1590 at the time of writing.
With the US government shutdown causing key data releases to be postponed, Powell's comments could influence the US Dollar's valuation in the near term.
