US dollar dips after producer prices data – Money News
NEW YORK (Reuters) – The U.S. dollar slipped in opposition to the yen and euro on Wednesday after data confirmed producer prices unexpectedly fell in August, cementing expectations that the Federal Reserve will resume reducing rates of interest later this month.
The dollar was barely down in opposition to the yen at 147.37 following the data, whereas the euro turned marginally larger at $1.1711.
A Labor Department report confirmed the Producer Price Index fell 0.1% on a month-to-month foundation, in contrast with an anticipated 0.3% rise. But it rose 2.6% on an annual foundation in August, in contrast with a 3.3% gain anticipated by economists polled by Reuters.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Aidan Lewis)
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