U.S. dollar advances after producer prices, jobless claims data

US dollars and Euro bills are pictured on September 6, 2022 in Brest, western France.
Fred Tanneau | Afp | Getty Images

The dollar gained on Thursday after data showed U.S. producer prices for January came in higher than expected and jobless claims fell, suggesting that the Federal Reserve will have to keep monetary policy tight for some time to bring down inflation.

The U.S. producer price index bounced to 0.7%, higher than both consensus forecast of 0.4% and the December number, which showed a drop 0.2%.

U.S. jobless claims data also showed a resilient labor market, with claims of 194,000, compared with expectations of 200,000, according to a Reuters poll.

The dollar index was last up about 0.1% at 104.00. Meanwhile, the euro slipped 0.16% to $1.0672.