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13 Mar 2015
EUR/USD stays below 1.0600 after US PPI
FXStreet (Córdoba) - EUR/USD is extending its consolidation phase around the 1.0600 level, as the shared currency takes a breather following a sharp sell-off seen over the last days.
EUR/USD bottomed out at 1.0499 on Thursday, posting its lowest level in 12 years, but managed to trim some losses and settled in a narrow range where it has spent the last sessions. EUR/USD is currently trading at the 1.0570 area, still 0.6% lower on the day.
Lower than expected US producer prices for February had little impact on the dollar as investors’ attention turns to the FOMC meeting next Wednesday. Last week’s strong nonfarm payrolls data fueled speculations the Fed could raise rates sooner than expected, lifting the greenback and weighing on US equities.
On the data front, US producer price index unexpectedly dropped by 0.5% in February, missing expectations of a 0.3% increase. The core index, which excludes food and energy also fell by 0.5%, undershooting +0.1% of forecast.
EUR/USD bottomed out at 1.0499 on Thursday, posting its lowest level in 12 years, but managed to trim some losses and settled in a narrow range where it has spent the last sessions. EUR/USD is currently trading at the 1.0570 area, still 0.6% lower on the day.
Lower than expected US producer prices for February had little impact on the dollar as investors’ attention turns to the FOMC meeting next Wednesday. Last week’s strong nonfarm payrolls data fueled speculations the Fed could raise rates sooner than expected, lifting the greenback and weighing on US equities.
On the data front, US producer price index unexpectedly dropped by 0.5% in February, missing expectations of a 0.3% increase. The core index, which excludes food and energy also fell by 0.5%, undershooting +0.1% of forecast.