The latest PPI report gave the US dollar a push higher on Thursday ahead of next week’s FOMC meeting.
'On an unadjusted basis, the final demand index advanced 1.6 percent for the 12 months ended in February, the largest rise since moving up 1.8 percent for the 12 months ended September 2023. In February, nearly two-thirds of the rise in final demand prices can be traced to the index for final demand goods, which advanced 1.2 percent. Prices for final demand services moved up 0.3 percent. The index for final demand less foods, energy, and trade services increased 0.
The Bank of England will also announce its latest policy decision next week and the UK central bank is fully expected to leave all policy settings untouched. The main point of interest at the meeting will be the interest rate vote split. At the last meeting, six out of the nine members voted for rates to be left unchanged, two members voted for a hike, and one member voted for a rate cut. If this split is changed, markets will likely re-price Sterling in the short term.
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