USD/CAD, EUR/USD: Oil climbs 7% as US PPI hits 5.4%, above forecast
The Americas session was marked by a 7% climb in oil prices. The source reports no currency price moves, pip figures or technical levels. US August PPI came in at 5.4%, above the 5.3% expected, which adds to inflation concerns. The US Treasury sold $22 billion of 30-year bonds at a high yield of 5.308%. It also bought back $5.187 billion of 10-20 year notes. EIA weekly crude inventories fell by 391K barrels, a smaller draw than the 1,554K expected. US wholesale inventories rose 1.3%, in line with expectations. August existing home sales were 3.98m, matching forecasts, and jobless claims pointed to a steady US employment picture. In Europe, ECB President Lagarde said the economy is proving resilient. For traders, the surge in oil and hotter producer inflation keep attention on USD/CAD and on US yields. Lagarde's upbeat tone is relevant for EUR/USD.
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