USD is trying to resume its gains ahead of US PPI data

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USD rose slightly on European markets on Wednesday against a basket of world currencies, trying to resume gains, which were temporarily suspended yesterday by correction and profit taking from a seven-week high, supporting 10-year US bond yields near their highest level since 2011, The US president’s criticism of Fed policy comes ahead of key US data on producer prices during September.

USD index rose by 0.4% until 11.15 GMT, to trade at 95.37 points, the opening level of 95.29 points, the highest at 95.46 points and the lowest at 95.21 points.

The index ended yesterday’s trading down 0.7% on correction and profit taking, after hitting a seven-week high of 95.82 points earlier in the session.

USD is trying to resume its gains ahead of US PPI data

US 10-year bond yields rose to 3,223%, approaching a seven-year high of 3.261% recorded earlier in the night on Tuesday, with the strong prospects for the Federal Reserve moving forward in raising interest rates despite criticism from US President Donald Rumsfeld Trump consecutive monetary policy of the central bank.

Donald Trump said he did not like what the central bank was doing and that the inflation target was already in place, so he did not think it was necessary not to rush to raise interest rates.

Investors are looking ahead to important data from the US on inflation levels in the country. Producer price data, a leading indicator of consumer prices, is the main gauge of inflation.

By September 12, the PPI is expected to rise 0.2% in September, and the index is down 0.1% in August. The same index excluding food and fuel prices is expected to rise 0.2% from 0.1% month-on-month the previous.


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