News
US September PPI runs red hot at 1.3% m/m vs 0.6% expected
US PPI red hot: +1.3% m/m vs +0.6%
US data
| Release | Actual | Fcst | Prior | |
|---|---|---|---|---|
| PPI m/m | +1.3% | +0.6% | +0.4% | |
| PPI y/y | 6.3% | 5.4% | - | |
| Core m/m | +0.7% | +0.3% | - | |
| Core y/y | 5.0% | 4.4% | - | |
| Retail m/m | +0.8% | +0.3% | - | |
| Ret exauto | +0.9% | +0.5% | - | |
| Claims | 199k | 200k | - | |
| Philly Fed | 20.9 | 28.0 | - |
above fcst below in line
Likely impact price up price down
Rates
- US 2y, yield up: hike odds reprice
FX
- DXY: wider rate gap
- EUR, GBP, AUD vs USD
Commodities
- Gold: higher real yields
Assets: US 2Y yields, DXY, EUR/USD, GBP/USD, AUD/USD, Gold
FO view: A pipeline print this hot, a day after a 3.7% CPI and alongside strong spending, keeps the Fed tightening case at the centre of the dollar view and tests the post-CPI fade in the dollar and long bonds that we scored this morning.
FO ties
Not investment advice.
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