The dollar index renews gains on Friday morning in Asia following higher than expected producer price data that added to uncertainty over timing of Federal rate cut this year. Producer price index for final demand climbed 0.6 percent in February after rising by 0.3 percent in January. The report also said the annual rate of producer price growth accelerated to 1.6 percent in February from a revised 1.0 percent in January. The core PPI showed an increase of 2.8% annually, higher than the previous 2.6%. The dollar index that measures the greenback against the basket of currencies is currently trading above 103 mark and is set for a weekly gain tracking higher benchmark US treasury yields at 4.28%. Among the basket currencies, EURUSD and GBPUSD were under pressure at $1.0875 and $1.2735 respectively.
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