The November US producer price index rose 7.4% year-on-year and the core price rose 6.2% year-on-year, both of which exceeded market expectations.

The November US producer price index rose 7.4% year-on-year and the core price rose 6.2% year-on-year, both of which exceeded market expectations. The previous figures were also revised upwards to +8.1% from the previous year and core to +6.8% from the previous year. As a result, the 10-year U.S. Treasury yield jumped from around 3.46% to nearly 3.53%. Dollar buying intensified in the foreign exchange market. However, the rising portion will soon fall again. Since we can see the strength of US dollar selling, we have just bought NZDUSD from the perspective of US dollar selling.