USD/CHF Steadies Ahead of U.S. Inflation Announcement

Create at 1 week ago (May 15, 2024 19:31)

The U.S. Bureau of Labor Statistics (BLS) reported that the Producer Price Index (PPI) increased by 0.5% month-over-month in April, surpassing market expectations of a 0.3% rise. Additionally, the Core PPI, which excludes volatile food and energy prices, also rose by 0.5% month-over-month, higher than the forecasted 0.2% increase.


Following the U.S. PPI announcement, Federal Reserve Chair Jerome Powell commented that inflation is expected to continue declining. However, he expressed less confidence in the inflation outlook compared to previous statements. Furthermore, the Gross Domestic Product (GDP) growth is anticipated to reach or exceed 2%, driven by the strength of the labor market.


In Switzerland, producer and import prices fell by 1.8% year-over-year in April, showing a slight improvement from the previous decline of 2.1%. Additionally, investors are closely monitoring the industrial production data for the first quarter, which will provide insights into the production volumes across various industries.

 

Source: Fxstreet
 
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