Forexpros - Producer price inflation in the U.S. rose more-than-expected in July, official data showed on Wednesday.
In a report, the Bureau of Labor Statistics said that PPI rose by a seasonally adjusted 0.2% in July, after declining by 0.4% in June.
Analysts had expected PPI to rise 0.1% in July.
Year-over-year, the producer price index rose at an annualized rate of 7.2% in July, above expectations for a gain of 7.0%.
Core PPI, which excludes food and energy costs, rose by 0.4% after rising by 0.3% in the preceding month. Analysts had expected core PPI to rise by 0.2%.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.52% to trade at 1.4481.
Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow Jones Industrial Average futures pointed to a gain of 0.3%, S&P 500 futures climbed 0.45%, while the Nasdaq 100 futures indicated an increase of 0.25%.