USD flows: USD not much changed on mixed data

US data is mixed with PPI notably weaker than expected both in the headline and the core, but slightly stronger than expected retail sales and a stronger Philly Fed survey. However, the Empire survey weakened and the retail control measure was weaker too, so on balance we would see the data as being on the soft side, albeit not dramatically so. US yields are slightly softer in response but the USD reaction is mixed and quite muted, with a mild risk positive bias. There is nothing in the data to change our view that we are likely to see some near term range trading, with some downside risks for EUR/USD.