Export Price Index m/m comes in at -0.6% against 1.4% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
The US Export Price Index month over month for July was released at -0.6%. This figure came in significantly below the consensus expectation of 1.4%. The previous month’s reading was 1.3%. The surprise versus consensus registered at -142.9%.
Following the release, the US Dollar showed some strength against major pairs. Fifteen minutes after the data, USDJPY was up 6.2 pips, USDCHF was up 5.5 pips, and USDCAD was up 4.4 pips. Conversely, EURUSD was down 7.3 pips, GBPUSD was down 1.0 pips, AUDUSD was down 3.3 pips, and NZDUSD was down 3.9 pips. Gold, XAUUSD, was down 183 pips. Compared to typical 1-hour moves after past releases, which include a median of 10 pips for USDJPY and 25 pips for XAUUSD, the initial moves for most pairs appear to be relatively small so far. For example, GBPUSD’s move of -1.0 pips is notably smaller than its median 1-hour move of 12 pips.