April 13, 2023
United States:
US Producer Prices Fell in March by Most Since Start of Pandemic
US producer prices fell in March by the most since the start of the pandemic, driven by a decline in gasoline costs that has helped slow inflationary pressures.
The producer price index for final demand decreased 0.5% from a month earlier, according to data out Thursday from the Bureau of Labor Statistics. The figure was below all estimates in a Bloomberg survey of economists. The PPI slowed on an annual basis, rising 2.7% from a year ago, the smallest gain in more than two years.
Europe:
Euro Extends Advance vs Dollar, Reaching Highest Level in a Year
The euro reached its strongest level against the dollar since April 2022, extending an advance fueled by a widening interest-rate differential.
The euro rose as much as 0.5% to $1.1043 on Thursday, exceeding its previous 2023 high of $1.1033 on Feb. 2. The common currency has strengthened against the dollar for five of the past six months as the US Federal Reserve has slowed its pace of interest-rate increases while the European Central Bank maintains a more aggressive pace.
Asia:
India March Trade Gap Widens For First Time in Four Months
India’s trade deficit widened more than estimated in March, after shrinking for four months as lukewarm demand from Europe and the US weighed on exports.
The gap between exports and imports rose to $19.73 billion last month, India’s government said on Thursday. The reading is higher than a deficit of $18.2 billion seen by economists in a Bloomberg survey and compares with a $17.43 billion gap in February.
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