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18.11.2014 16:24

Foreign exchange market. American session: the U.S. dollar mixed against the most major currencies after the better-than-expected U.S. producer price index and the NAHB housing market index

The U.S. dollar mixed against the most major currencies after the better-than-expected U.S. producer price index and the NAHB housing market index. The U.S. producer price index rose 0.2% in October, beating expectations for a 0.1% fall, after a 0.1% decrease in September.

On a yearly basis, the producer price index increased 1.5% in October, exceeding expectations for a 1.3% gain, after a 1.6% rise in September.

The increase was driven by higher prices for services and food. Wholesale prices excluding food and energy climbed 0.4% in October, while the cost of services inched 0.5%.

The producer price index excluding food and energy was up 0.4% in October, beating forecasts of a 0.1% increase, after the flat reading in September.

On a yearly basis, the producer price index excluding food and energy climbed 1.8% in October, exceeding expectations for a 1.5% increase, after a 1.6% gain in September.

The NAHB housing market index rose to 58.0 in November from 54.0 in October, exceeding expectations for a rise to 55.0.

The euro rose against the U.S. dollar. Germany's ZEW economic sentiment index increased 15.1 in November from -3.6 in October, exceeding expectations for a rise to 0.9.

Eurozone's ZEW economic sentiment index climbed to 11.0 in October from 4.1 in September, beating expectations for a gain to 4.3.

The British pound traded mixed against the U.S. dollar after the mixed economic data from the U.K. The U.K. consumer price index rose to an annual rate of 1.3% in October from 1.2% in September. Analysts had expected the consumer price inflation to remain unchanged at 1.2%.

Consumer price inflation excluding food, energy, alcohol, and tobacco remained unchanged at 1.5% in October, missing expectations for an increase to 1.6%.

The Bank of England's inflation target is about 2%.

The New Zealand dollar traded lower against the U.S. dollar. In the overnight trading session, the kiwi increased against the greenback in the absence of any major economic reports from New Zealand.

The Australian dollar traded higher against the U.S. dollar. In the overnight trading session, the Aussie traded higher against the greenback after the minutes from November's Reserve Bank of Australia (RBA) monetary policy meeting. The RBA said that Australia's economy has grown at a moderate pace. The central bank added that gross domestic product growth will be below trend over 2014/15, but will pick up towards the end of 2016.

The RBA Governor Glenn Stevens said in today's speech that Australia's economy has spare capacity and interest rates are likely to stay at record lows for some time to support growth as inflation is contained.

The Japanese yen traded mixed against the U.S. dollar in the absence of any major economic reports from Japan.

Japan's Prime Minister Shinzo Abe announced a delay in the sales-tax increase for 18 months on Tuesday, and called a snap election to take place next month.

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