Forex News: U.S. Dollar Climbs After PPI Data

U.S. Dollar Climbs After PPI Data

(RTTNews) - The U.S. dollar advanced against its most major counterparts in the New York session on Friday, after producer prices came in unchanged in September.

Data from the Labor Department showed that the producer price index came in flat in September after rising by 0.2 percent in August. Economists had expected producer prices to inch up by 0.1 percent.

The report also said the annual rate of growth by producer prices slowed to 1.8 percent in September from an upwardly revised 1.9 percent in August.

Economists had expected the annual rate of producer price growth to dip to 1.6 percent from the 1.7 percent originally reported for the previous month.

The greenback rose to 1.0925 against the euro, 149.28 against the yen and 0.8584 against the franc, off its early lows of 1.0953, 148.39 and 0.8559, respectively. The currency is seen finding resistance around 1.08 against the euro, 150.00 against the yen and 0.89 against the franc.

In contrast, the greenback was down against the pound, at 1.3072. If the greenback falls further, it is likely to test support around the 1.34 region.

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