US dollar turns lower after producer prices, jobless claims data

NEW YORK: The dollar fell on Thursday after weaker-than-expected U.S. producer prices for March, partly easing market concerns about persistent inflation and suggesting that rate cuts by the Federal Reserve are still firmly on the table.

Data showed the producer price index (PPI) rose 0.2% month-on-month in March, compared with a 0.3% increase expected by economists polled by Reuters. Annually, it rose 2.1%, versus an estimated growth of 2.2%.

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A separate report showed the U.S. initial jobless claims were 211,000 for the week ended April 6, compared with a forecast for 215,000 claims.

The dollar slid below 153 yen after the data and was last at 152.94, down 0.2%.