PPI

The EU PPI came out worse than expected at -1.9% from the previous -0.8%.  A drop to -1.1% was forecast.

The EUR was initially unchanged after this data.  

The EU PPI came out at -0.8% from the previous -0.2%.  A drop to -0.3% was forecast.

The EUR was unchanged after this data, despite releasing a record low and lower than forecast.  

The German PPI came out at 0.0% from the previous 0.3%.  A drop to -0.6% was forecast.

The EUR did not initially respond to this data.   

The YoY measure fell to 5.2% from 8.7% but the ex food and energy rose to 4.4% from 4.0%..  The MoM decline is a record decline.

Although core measure is up, I would not expect this trend to continue going forward as global growth continues to show signs of weakness and pricing power continues to decline.  

US CPI is to be released tomorrow. A 0.8% decline is expected. 

The UK PPI Input came out at -1.2% from the previous -2.0%.  A rise to -1.5% was forecast for this release. 

The UK PPI Output came out at -0.3% from the previous -0.6%.  This was forecast for a slight rise to -0.4%.

The GBP was a touch firmer after this data.   

The CHF PPI came out at -0.5% from the previous -0.5%.  This was forecast for a slight rise to -0.3%.

No reaction in the CHF after this data.   

The German PPI came out worse than expected at -0.6% from the previous 2.0%.  This was forecast for a drop to -0.4%.

The EUR softened up a bit after this data after making some gains across the board prior to the release.   

The UK PPI Input came out at -2.0% from the previous -0.6%.  This was forecast for a drop to -1.2%.

The UK PP Output also came out worse than forecast at -0.6% from the previous 0.4%.  A drop to 0.1% was forecast.

The GBP softened up across the board after this weak PPI data.   

The CHF PPI y/y comes out at its highest level since records began in January 1990 at 4.9% from 4.6%.

The PPI m/m came out at 0.5% from the previous 0.6%.  0.3% was forecast for this release.