 Dollar stages a notable recovery in the early US session, buoyed by stronger than expected January PPI figures. The highlight was PPI excluding foods, energy, and trade services, which saw its largest monthly increase in a year, hinting at persistent underlying inflationary pressures upstream. Despite the current rebound rebound, Dollar has yet to surpass the highs against major currencies seen earlier this week. Nevertheless, the current development at least indicates that the selloff triggered by the previous day's retail sales data should have run its course. Also, Dollar's resurgence should be able to cement its position as the top performer for the week. Canadian and Australian Dollars are trailing behind in strength. Meanwhile, Swiss Franc, Japanese Yen, and New Zealand Dollar languish at the lower end of the performance spectrum, with the Euro and Sterling showing mixed results. The Pound, despite an initial surge from unexpectedly robust retail sales figures earlier today, saw its momentum wane swiftly. |
