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US PPI mixed but annualised rates rise- so does the USD/JPY
The August PPI (Producer Price Index) data has just been released, hot on the heels of the expected 0.25% rate increase by the ECB, which surprised no one. Perhaps the one surprise was the statement, which accompanied the decision. That was mostly unchanged and as noncommittal as before.
So, US core August PPI was forecast to rise by 0.3% last month- It has remained at 0.2%
The core annualised rate was forecast to rise to 4.6% from 4.2%. That has risen to 4.6%
The annualised non-core rate rose higher than expected, to 5.4%
Ahead of this report the USD/JPY had continued to press higher and it had risen above 154.35 leading into the PPI release. The immediate reaction has seen the dollar fall back probably on the monthly headline number, but look at the longer-term and the prognosis is different. Hence now the USD/JPY is higher again, currently trading at 154.64
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