The USD has once again reclaimed the 97.00 support level after a positive run of data and some FOMC speakers that put out a strong message of confidence in the US economy.

The main data point of the session was PPI and we saw a jump on both the yearly and the monthly numbers with the yearly showing a 2.2% advance, which was above the expected 1.9%.

This comes on the back of a solid CPI print, which was around the 2% mark. It was noteworthy as it was a talking point amongst the FOMC speakers. The broad message was the US economy was clearly on track and things were getting towards where they needed to be.

There were some that wanted inflation to be ticking higher than current levels, which is why the PPI print would have been pleasing.

Weekly Jobless Claims also fell which was another boost for the USD, however, stocks markets couldn’t rally, dragged down by healthcare stocks and ongoing worries around Boeing. Today is the start of US earnings season, so keep an eye out for some decent moves in the coming weeks.

Asian Session Wrap

The main data out of the Asian session today will be the RBA’s Financial Stability Review, which will put the AUD/USD in focus once again, but it generally is not a big market mover in my opinion.

There is some more Chinese data out later today focused on the trade balance, but it comes out quite late and into the European session.