ForexLive Americas FX news wrap: PPI runs hot but it's no help for the dollar

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ForexLive Americas FX news wrap: PPI runs hot but it's no help for the dollar

<ul><li><a href="https://www.forexlive.com/news/us-november-ppi-74-vs-72-yy-expected-20221209/" target="_blank">US November PPI +7.4% vs +7.2% y/y expected</a></li><li><a href="https://www.forexlive.com/news/umich-us-december-prelim-consumer-sentiment-591-vs-569-expected-20221209/" target="_blank" draggable="false">UMich US December prelim consumer sentiment 59.1 vs 56.9 expected</a></li><li><a href="https://www.forexlive.com/news/putin-we-will-think-about-oil-output-cuts-20221209/" target="_blank">Putin: We will think about oil output cuts</a></li><li><a href="https://www.forexlive.com/news/baker-hughes-us-oil-rig-count-2-20221209/" target="_blank">Baker Hughes US oil rig count -2</a></li><li><a href="https://www.forexlive.com/news/could-bank-of-americas-ceo-leave-his-job-to-be-treasury-secretary-20221209/" target="_blank">Could Bank of America's CEO leave his job to be Treasury Secretary?</a></li><li><a href="https://www.forexlive.com/news/atlanta-fed-q4-gdpnow-tracker-32-vs-34-prior-20221209/" target="_blank">Atlanta Fed Q4 GDPNow tracker +3.2% vs +3.4% prior</a></li><li><a href="https://www.forexlive.com/news/us-october-wholesale-inventories-05-vs-08-expected-20221209/" target="_blank">US October wholesale inventories +0.5% vs +0.8% expected</a></li><li><a href="https://www.forexlive.com/news/chinas-xi-advocates-for-yuan-settlement-of-oil-and-gas-trade-with-gulf-states-20221209/" target="_blank" draggable="false">China's Xi advocates for yuan settlement of oil and gas trade with Gulf states</a></li><li><a href="https://www.forexlive.com/news/german-governments-public-deficit-will-be-much-higher-in-2023-than-previously-thought-20221209/" target="_blank" draggable="false">German government's public deficit will be much higher in 2023 than previously thought</a></li></ul><p>Markets:</p><ul><li>Gold up $6.50 to $1795</li><li>US 10-year yields up 9.6 bps to 3.59%</li><li>WTI crude oil flat at $71.45 after touching $70.06</li><li>S&P 500 down 0.7%</li><li>NZD leads, CAD lags</li></ul><p>The dollar tried to rally on a hot PPI number for the second month in a row but the skeptics one the day as a brief 75-pip rally in USD was quickly wiped out. The UMich numbers also prompted a rally in USD/JPY and some smaller moves elsewhere but that also didn't last. The led to some further dollar selling but late in the day there was a paring of those moves as stocks sagged.</p><p>At the end of the day, the moves that are left were mostly minor.</p><p>The larger drama was in the oil market where there was a sixth consecutive day of losses for crude. There had been some gains after tough talk from Putin but a closer look at the comments showed a less-aggressive stance than the headline. WTI tried to break $70.00 and came close but couldn't break through and that led a quick rebound to the upside and flat trade on the day.</p>

                This article was written by Adam Button at www.forexlive.com.

Source: ForexLive Americas FX news wrap: PPI runs hot but it's no help for the dollar

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