EURUSD down 0.5% amid US PPI inflation report🚨

Final US PPI (m/m) for December: 0.5% (forecast 0.2%; previous 0.2%)

• Final PPI (y/y): 3.0% (forecast 2.8%; previous 3.0%)

• Core PPI excluding food and energy (m/m): 0.7% (forecast 0.2%; previous 0.0%)

• Core PPI excluding food and energy (y/y): 3.3% (forecast 2.9%; previous 3.0%)

• PPI excluding food, energy and trade (m/m): 0.4% (forecast 0.3%; previous 0.2%)

• PPI excluding food, energy and trade (y/y): 3.5% (forecast 3.4%; previous 3.5%)

The US dollar is gaining strength today, reacting not only to the latest US PPI data, but also to confirmation from Donald Trump that Kevin Warsh has been selected as the new Fed Chair.

Who is the new Fed Chair?

Kevin Warsh is an American economist and the youngest person in history to serve on the Federal Reserve Board of Governors. He held the role from 2006 to 2011 and represented the Federal Reserve at the G20, as well as in relations with Asian economies. He is currently the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and teaches at the Stanford Graduate School of Business. He is also a partner of Stanley Druckenmiller at Duquesne Family Office LLC. Previously, he worked as an economic adviser to the President of the United States, and began his career in Morgan Stanley’s mergers and acquisitions department. He is the author of an independent report for the Bank of England, whose recommendations were adopted by the UK Parliament.

Source: xStation