The Producer Price Index (PPI) measures the change in the price of goods sold by manufacturers. It is a leading indicator of consumer price inflation, which accounts for the majority of overall inflation.
The U.S Producer Price Index (PPI) fell 0.0% , from 0.2% in the previous month, the indicator was expected to fall -0.1% in the last month.
The U.S Core Producer Price Index released 0.3% as previous month, passing forecast of 0.1%.
Market Impact : This development is likely to support the U.S dollar a little bit , as shown on the daily chart posted below, the USDINDEX was rejected from daily chart support around 95.30
EURUSD: According to the 4 hour chart, the pair found support at the 1.1253 levels, stability above this level on a 4 hour closing basis, should push the pair beyond 1.1312 levels,but………..The 1 hour chart shows a lack of bullish momentum, 1 hour chart closing below 1.1260 will suggest short term topping at the 1.1310 levels…
- A clear break above 1.1310 will suggest bullish resumption and open the 1.1400/1.1500 levels.
- An hourly close below 1.1260 followed by a 4 hour closing below 1.1253 will build strong pressure on daily chart support 1.1200………….
- Sideways market is likely within 1.1260/1.1315 range before week end.