London (awp / dpa) – The dollar rallied against the euro on Thursday after the publication of a record year-over-year rise in wholesale prices for US goods and services in July, as the pound suffered the blow after the publication of UK GDP earlier today.
Around 2:55 p.m. GMT (4:55 p.m. in Paris), the greenback appreciated by 0.08% against the European currency, to $ 1.1729.
The dollar index, which compares the greenback to a basket of other major currencies, rose 0.10%.
“The dollar is recovering after yesterday’s sales (Wednesday), the stronger than expected rise in the PPI index helping to move away from the lows of the day,” said Michael Hewson, analyst at CMC Markets.
The PPI index, released Thursday by the Department of Labor, reported a 1% increase in producer prices for goods manufactured and supplied in the United States in July over one month, twice as high as that which was expected by analysts (0.5%).
Compared with July 2020, the selling price increase is 7.8%, the highest since one-year data began to be calculated in November 2010.
This is another data on inflation, the CPI index also published by the Labor Department, which had dragged the dollar down on Wednesday.
“This divergence (…) confuses a little more the cards as regards the scenario” which will adopt the American central bank (Fed), continued Mr. Hewson.
The pound, which held afloat at the start of the day, weakened against major currencies as traders digested figures for the UK economy released by the National Bureau of Statistics (ONS) on Thursday.
If the British economy recovered in the second quarter, with a rebound of 4.8% of GDP thanks to the lifting of health restrictions, risks persist, in particular with the surge of the Delta variant.
The British currency dropped 0.18% against the euro, at 84.78 pence, and 0.24% against the dollar, at 1.3834 dollars.
Cours de jeudi Cours de mercredi
14H55 GMT 21H00 GMT
EUR/USD 1,1729 1,1739
EUR/JPY 129,47 129,63
EUR/CHF 1,0832 1,0822
EUR/GBP 0,8478 0,8464
USD/JPY 110,39 110,43
USD/CHF 0,9236 0,9219
GBP/USD 1,3834 1,3868
afp/rp
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