- US October producer price index data
- Prior was +8.5% (revised to +8.4%)
- PPI +0.2% m/m vs +0.4% expected
- Prior m/m reading was +0.4%
- Ex-food and energy +6.7% y/y vs +7.2% expected
- Ex-food and energy +0.0% m/m vs +0.3% expected
- Prior ex-food and energy m/m +0.3% (revised to +0.2%)
- Goods +0.6%
- Services -0.1%
- Full release
This is more good news for trades betting on a top in inflation and will give the Fed some ammunition for the pivot trade. The dollar is softening further on the numbers with the euro up to 1.0460 from 1.0400 on the headlines.
These are big moves on an indicator that isn’t often a market mover.