Following Tuesday’s leap, the US dollar has been sliding slowly downwards since, while holding onto most of Tuesday’s gains.
Lots of interesting data yesterday from the US, with the key release being the Producer Price Index month-on-month for August. PPI in the US was in line with forecast in the latest data as it fell 0.1%. This follows a 0.4% drop in July. Prices of goods dropped 1.2%, which was led by a 12.7% drop in gasoline cost.
It’s another interesting day for data… The big one to watch will be retail sales at 1.30pm, which in the previous data release unexpectedly stalled. Today the markets will be watching to see if sales make the forecast 0.1% increase this time around.
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