Strong PPI from US, dollar continues marching higher

Summary:

US PPI comes in well above expectations
Encouraging signals from the BLS
Dollar trades higher on the day

US PPI for October came in at 0.6% MoM and 2.9% YoY, both numbers were far above expectations suggesting rises by 0.2% and 2.5% respectively. Core PPI totalled 0.5% MoM and 2.6% YoY - also higher than anticipated. On top of that, we were offered a decent comment from the BLS saying that “About one-fifth of the October advance in prices for final demand services is attributable to a 1.2-percent rise in margins for machinery, equipment, parts, and supplies wholesaling,". It means that companies being placed at the beginning of the supply chain began passing rising costs on their customers. The US dollar is trading higher this afternoon with the largest gain seen against the Norwegian krone being depressed by weakier inflation numbers.

US PPI came in well above expectations in October. The data supports the current stance of the Federal Reserve. Source: Macrobond, XTB Research

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Strong PPI from US, dollar continues marching higher

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