PPI m/m (USD) comes in at -0.3% against 1.6% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
The latest US Producer Price Index (PPI) month over month data, released today, showed a significant decline. The actual figure came in at -0.3%, sharply missing the consensus expectation of 1.6%. This marks a notable shift from the previous month’s reading of 1.1%, representing a surprise of -118.8% against the consensus.
The market reaction saw the US Dollar weaken across the board. AUDUSD rose +8.8 pips 15 minutes after the release, while EURUSD gained +11 pips and GBPUSD climbed +13 pips over the same period. NZDUSD was up +8.8 pips. Against the US Dollar, USDCAD fell -15 pips, USDCHF dropped -15 pips, and USDJPY declined -12 pips. Gold, XAUUSD, saw a significant rise of +230 pips after 15 minutes. For several pairs, these 15-minute moves are already substantial when compared to historical behavior. For instance, EURUSD’s +11 pips matches its median 1-hour move of 11 pips, while GBPUSD’s +13 pips is close to its median 1-hour move of 16 pips. XAUUSD’s +230 pips is considerably larger than its median 1-hour move of 31 pips, placing it well into the top-quarter of historical moves for this asset.