The U.S. dollar strengthened against the Japanese yen and the euro in the European session on Wednesday, after a data showed that nation’s producer prices increased slightly more than expected in September.
Data from the Labor Department showed that the producer price index climbed by 0.5 percent in September after advancing by 0.7 percent in August. Economists had expected prices to rise by 0.4 percent.
The annual rate of producer price growth accelerated to 2.2 percent in September from a revised 2.0 percent in August.
Economists had expected the pace of price growth to come in unchanged compared to the 1.6 percent originally reported for the previous month.
The greenback edged up to 149.06 against the yen following the data.
Against the euro, it rose to 1.0579, from an early more than 2-week low of 1.0628.
The currency may challenge resistance around 152.5 against the yen and 1.03 against the euro.