NEW YORK (Reuters) – The U.S. dollar slipped against the yen and euro on Wednesday after data showed producer prices unexpectedly fell in August, cementing expectations that the Federal Reserve will resume cutting interest rates later this month.
The dollar was slightly down against the yen at 147.37 following the data, while the euro turned marginally higher at $1.1711.
A Labor Department report showed the Producer Price Index fell 0.1% on a monthly basis, compared with an expected 0.3% rise. But it rose 2.6% on an annual basis in August, compared with a 3.3% gain expected by economists polled by Reuters.
(Reporting by Gertrude Chavez-Dreyfuss; Editing by Aidan Lewis)
