North American Summary and Highlights 10 Sep
Overview - The USD was little changed with a dip on a soft US PPI being quickly reversed.
North American session
August US PPI was weaker than expected at -0.1% overall and ex food and energy, correcting strong July gains of 0.7% in each series that were both revised down from 0.9%. The USD saw a brief dip on the data but quickly rebounded. Subsequent trade saw another more gradual USD dip that was also largely reversed, leaving the USD little changed overall, USD/JPY near 147.50 and EUR/USD near 1.17. EUR/CHF was stronger, rising to .9350 from .9330.
European morning session
A very quiet European morning session saw very little FX movement. The only notable action saw Scandis gains some ground across the board after the Swedish and Norwegian data. The Swedish July GDP data fell 0.2% but June was revised up sharply to 1.4% m/m. Norwegian CPI was as expected, rising to 3.5% y/y, 3.1% core. EUR/SEK and EUR/NOK both fell around 5 figures of 0.5%.
Otherwise there was little net FX movement and little news.