Export Price Index m/m comes in at 0.6% against -1.2% consensus

The US Export Price Index month over month for September was released today at 0.6%. This figure significantly exceeded the consensus expectation of -1.2%, marking a 150.0% surprise against forecasts. The previous month’s reading was -1.3%.

Following the release, market reactions were observed across major pairs. The EURUSD moved up 5.5 pips within 15 minutes, while GBPUSD gained 7.7 pips. XAUUSD saw a notable increase of 44 pips. Other pairs showed more limited movement. AUDUSD declined 0.6 pips, NZDUSD fell 1.5 pips, USDCAD rose 0.9 pips, USDCHF declined 1.9 pips, and USDJPY decreased 0.1 pips. For most currency pairs, these initial 15-minute moves are relatively small when compared to their median 1-hour moves after past releases. For example, EURUSD typically sees a median 1-hour move of 11 pips, and GBPUSD typically moves 12 pips. XAUUSD’s 44 pip move is substantial, approaching its top-quarter move of 47+ pips and exceeding its median 1-hour move of 25 pips.