-
US PPI hits a record high above 11%, sellers eyeing GBP/USD’s 100-pip bounce
After comments from the White House that inflation would be “extraordinarily elevated”, traders were surprised when yesterday’s Consumer Price Index (CPI) report came in roughly in-line with expectations at “”only” 8.5%. Perhaps the Biden administration got its wires crossed and was instead referring to today’s Producer Price Index (PPI) report? As we just learned, prices on a wholesale level rose a staggering 11.2% year-over-year in March, well above the 10.6% reading expected by traders and economists and the highest level on record for the indicator (dating back to November 2010). Digging into the ... (full story)