Dollar Recovers After Mild Setback
(RTTNews) - After drifting lower against its major counterparts Friday morning following the release of the producer price inflation data, the U.S. dollar recovered some lost ground and advanced against a few rivals.
Data from the Labor Department showed that the producer price index slipped by 0.1% in December, matching a revised dip in November. Economists had expected producer prices to inch up by 0.1% compared to the unchanged reading originally reported for the previous month.
Meanwhile, the report said the annual rate of producer price growth accelerated to 1% in December from a downwardly revised 0.8% in November.
The annual rate of producer price growth was expected to speed up to 1.3% from the 0.9% originally reported for the previous month.
The dollar index, which dropped to 102.09 around mid morning, recovered to 102.45, up from the previous close of 102.29.
Against the Euro, the dollar firmed to 1.0952 after having drifted down to 1.0989. Against Pound Sterling, the dollar was up slightly at 1.2751, and against the Yen, it dropped to 144.88 yen a unit.
The dollar is flat against the Aussie at 0.6688. Against Swiss franc, the greenback is up marginally, fetching CHF 0.8527 a unit. Against the Loonie, the dollar is higher at C$ 1.3405 after having weakened to C$ 1.3344 earlier in the session.
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