US PPI (Nov) declines -0.2% , USD under pressure ahead of Michigan Consumer Sentiment (Dec) !

Stock 659898
Stock 659898

The US Producer Price Index (PPI) has declined to -0.2% vs -0.1% forecast , this indicator can be used as an early sign of consumer price inflation, which accounts for the majority of overall inflation.

At the moment the moment , the EURUSD trades around 1.2450 levels , with the key support 1.2365 intact , further upside is likely toward the 1.2500 levels . USDINDEX trades near the key support  88.17 , a clear break below this level will bring a lower leg below 87.92 levels.

Now focus will be on Michigan Consumer Sentiment (Dec) next (at 14:55 GMT) , most likely, it will give the USD a clear direction , positive  data will mix up things and bring sideways move , while negative data will bring further losses for the USD !!