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Dollar Gains After Solid US Data, SEK Resists After Swedish CPIs

JFD

The dollar traded higher against most of the other G10 currencies yesterday, perhaps boosted by the better-than-expected US PPI and initial jobless claims data. The Swedish Krona managed to resist the greenback’s strength, perhaps helped by Sweden’s inflation numbers, which were slightly better than the forecasts suggested.

USD Higher After Better Than Expected PPIs and Jobless Claims

The dollar traded higher against most of the other G10 currencies on Thursday. It gained the most against JPY, AUD and NZD, while it underperformed slightly only against EUR. The greenback was found virtually unchanged versus SEK and CHF. Following a very busy Wednesday, with the EU summit on Brexit, the ECB meeting, the Fed minutes, as well as the US CPIs, Thursday was lighter, allowing second-tier data to move the FX market. The drivers behind the dollar’s rebound may have been the better-than-expected US PPI and initial jobless claims data.

Getting the ball rolling with the PPIs, the headline rate rose to +2.2% yoy in March from +1.9%, the fastest in five months amid a surge in gasoline prices. The core rate ticked down to +2.4% yoy from +2.5%, but that was...

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Source: https://www.jfdbank.com/en/research/dollar-gains-after-solid-us-data-sek-resists-after-swedish-cpis
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