Forex News: U.S. Dollar Firms After Strong PPI Data

U.S. Dollar Firms After Strong PPI Data

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Thursday, following the release of hotter-than-expected producer inflation report for July.

The PPI increased 0.9% on the month, beating forecasts of a 0.2% gain.

Core PPI rose 0.9%, compared to estimates of a 0.2% increase.

Initial jobless claims fell by 3,000 to 224,000 in the week ended August 9. The reading came in below forecasts of 228,000.

The greenback climbed to 2-day highs of 1.1630 against the euro and 0.8092 against the franc. The next possible resistance for the currency is seen around 1.14 against the euro and 0.89 against the franc.

The greenback edged up to 1.3520 against the pound and 147.96 against the yen, from its early multi-week lows of 1.3594 and 146.21, respectively. The currency is seen finding resistance around 1.32 against the pound and 150.00 against the yen.

The greenback advanced to an 8-day high of 0.5908 against the kiwi, 2-day high of 0.6482 against the aussie and near a 2-week high of 1.3819 against the loonie, from an early low of 0.5991, multi-week low of 0.6568 and a 6-day low of 1.3744, respectively. The currency is poised to find resistance around 0.58 against the kiwi, 0.63 against the aussie and 1.39 against the loonie.

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