U.S. Dollar Eases After Weak PPI Data
(RTTNews) - The U.S. dollar pulled back against its major counterparts in the New York session on Wednesday, as producer inflation cooled slightly more than expected in November.
Data from the Labor Department showed that the producer price index for final demand was unchanged in November after falling by a revised 0.4 percent in October.
Economists had expected producer prices to inch up by 0.1 percent compared to the 0.5 percent drop originally reported for the previous month.
The Labor Department also said the annual rate of producer price growth slowed to 0.9 percent in November from 1.2 percent in October. Year-over-year growth was expected to slow to 1.0 percent.
The greenback eased to 145.03 against the yen, 0.8749 against the franc and 1.0809 against the euro, off its early highs of 145.99, 0.8770 and 1.0773, respectively.
The greenback retreated to 1.3550 against the loonie and 0.6583 against the aussie, from its early highs of 1.3608 and 0.6541, respectively.
The greenback was trading at 0.6124 against the kiwi, down from an early fresh 2-week high of 0.6084.
The greenback reversed from an early 5-day high of 1.2509 against the pound and was trading at 1.2548.
The greenback is seen finding support around 142.00 against the yen, 0.86 against the franc, 1.10 against the euro, 1.33 against the loonie, 0.68 against the aussie, 0.64 against the kiwi and 1.27 against the pound.
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