US Dollar Index weakens after softer PPI data
The US Dollar Index has fallen below 100.00, driven by softer producer price index data. The index currently trades near 99.90.
The US Producer Price Index was unchanged in July, below the market consensus of 0.2%. The core PPI increased 0.2% month-over-month.
Markets are now pricing a 34.8% chance of a US rate hike at the September meeting, down from 40% immediately after the PPI data.