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U.S. Dollar Rises As Producer Prices Increase More Than Expected
(RTTNews) - The U.S. dollar rebounded against its most major counterparts in the New York session on Friday, as the nation's producer prices climbed slightly more than expected in July, prompting the Federal Reserve to maintain a tighter monetary policy for longer.
Data from the Labor Department showed that the producer price index rose by 0.3 percent in July following a revised unchanged reading in June.
Economists had expected producer prices to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
The report also showed the annual rate of producer price growth reaccelerated to 0.8 percent in July after slowing to just 0.2 percent in June. The rate of growth was expected to accelerate to 0.7 percent.
The greenback climbed to 1.0954 against the euro and 0.8780 against the franc, setting 2-day highs. The currency may challenge resistance around 1.06 against the euro and 0.89 against the franc.
The greenback rose back to 1.2681 against the pound, heading to pierce its previous 8-day high of 1.2660. If the currency rises further, 1.23 is likely seen as its next upside target level.
Against the loonie and the aussie, the greenback appreciated to 3-day highs of 1.3465 and 0.6498, respectively. The currency is seen facing resistance around 1.37 against the loonie and 0.63 against the aussie.
The greenback was up against the kiwi, at more than a 9-month high of 0.5980. On the upside, 0.57 is seen as its next resistance level.
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