US: Annual PPI stays unchanged at 1.7% as expected

• Annual core PPI falls short of market expectation in July.
• Disappointing data puts Greenback under modest selling pressure. 

According to the monthly data published by the US Bureau of Labor Statistics, the Producer Price Index (PPI) for final demand rose 0.2% on a monthly basis in July and allowed the annual rate to stay unchanged at 1.7% to come in line with the market expectation.

The core PPI, which excludes volatile food and energy prices, edged lower to 2.1% on a yearly basis and fell short of analysts' estimate of 2.4%.

The Greenback seems to be losing its strength after this data and the US Dollar Index, which tracks the dollar's value against a basket of six major currencies, was down 0.06% on the day at 97.52.