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13 June

By Ahmed Mamdouh

Category: Forex News

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US producer prices accelerate in May

U.S. producer prices speeded up in May, ahead of the Federal Reserve’s interest rate decision later in the day.

The producer price index (PPI) saw a 0.5 percent increase last month, above forecasts of 0.3 percent rise, following a 0.1 percent surge in March. The year-on-year reading showed an acceleration to 3.1 percent from a previous of 2.6 percent.

Core PPI showed 0.3 percent soar, compared to both prior and excepted readings of 0.2 percent advance.

The dollar index is meanwhile trading lower at 93.71, where investors will direct their attention to the Fed’s interest rate decision, statement and press conference by Fed Chair Jerome Powell.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.