{"id":151545,"date":"2019-07-15T09:20:00","date_gmt":"2019-07-15T13:20:00","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151545"},"modified":"2019-07-15T08:51:40","modified_gmt":"2019-07-15T12:51:40","slug":"us-ppi-rises-slower-in-june","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/us-ppi-rises-slower-in-june\/","title":{"rendered":"US PPI Rises Slower In June"},"content":{"rendered":"
July 15, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Producer prices data from the US released on Friday saw a slower pace of growth in June. Official data showed that inflation at the factory gate grew just 0.1% on the month in June.<\/p>\n

The slower pace came as energy prices fell 3.1% while trade services offset the declines with a 1.3% increase. Core PPI which excludes food, energy and trade services remained flat during the month. The USD closed bearish by Friday\u2019s end.<\/p>\n

Euro Gains as Industrial Production Rises<\/strong><\/h2>\n

The euro got a boost from the latest industrial production figures. Data showed that the eurozone\u2019s industrial production grew 0.9% on the month in May. This was better than the forecasts for a 0.2% increase. Despite the uptick in industrial production, the overall industrial activity still remains weak.<\/p>\n

Will the EURUSD Push Higher?<\/strong><\/h3>\n

The currency pair has been in a rebound after prices fell close to the support area of 1.1188 last week. Price action quickly recovered to reclaim the 1.1250 level which is currently working as support. A continuation to the upside will keep the common currency on track to test the 1.1400 level where resistance is likely to form.<\/p>\n

\"EURUSD\"<\/a><\/p>\n

Crude Oil Closes Higher on the Week<\/strong><\/h2>\n

Price of WTI crude oil closed higher on the week, settling above the $60.00 handle. The gains in the commodity came as the Gulf of Mexico saw a 30% shutdown in production due to the tropical storm Barry. Prices were flat by Friday with both the EIA and OPEC expecting to see oil surplus in the year ahead.<\/p>

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Crude Oil Closes Flat Below Resistance<\/strong><\/h3>\n

WTI Crude oil prices closed with a doji pattern on Friday. This marked a second consecutive doji formed below the resistance area of 61.00. A bearish follow-through from here could signal a short term correction. This will keep the commodity within the range of 61.00 and 57.50.<\/p>\n

\"WTI\"<\/a><\/p>\n

Gold Stays Flat as Markets Price in July Rate Cut<\/strong><\/h2>\n

The precious metal was seen trading flat as investors are currently pricing in a rate cut from the Fed at the July meeting. The projected\u00a025 basis point rate cut is expected<\/a>\u00a0at the Fed meeting due next week.<\/p>\n

Will XAUUSD Break Out from the Range?<\/strong><\/h3>\n

The gains in\u00a0gold prices<\/a>\u00a0have been limited ever since prices rallied to post a six-year high. Since then, price has remained somewhat range-bound near the top end of the rally. The resistance is formed at 1423 and the support is seen at 1383. A breakout from this range is required in order for some trend to set in. The bias remains to the downside, for a correction toward 1341.<\/p>\n

\"GOLD\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Producer prices data from the US released on Friday saw a slower pace of growth in June. Official data showed that inflation at the factory gate grew just 0.1% on the month in June. The slower pace came as energy prices fell 3.1% while trade services offset the declines with a 1.3% increase. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-151545","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=151545"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151545\/revisions"}],"predecessor-version":[{"id":151549,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151545\/revisions\/151549"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=151545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=151545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=151545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}