German Producer Prices Were Higher than Expected in April

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By David Schutz, 18 May 2012 05: 00 GMT THE TAKEAWAY: German producer prices above expected-> Focus remains on political developments-> Euro continues to suffer from risk-off environment

Producer prices climbed in April, coming in above expectations at 0.2% on the month versus 0.3% expected. The yearly number was 2.4%, versus 2.5% expected. Although the numbers were higher than economists had predicted, they represented a drop from March.

Market remained focused on political developments in the Eurozone, with political instability contributing to an intense bout of risk aversion and selling of currencies in favor of the US Dollar.

EURUSD approached the 2012 lows in early European trade as investors continued to sell the single currency.

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18 May 2012 05: 00 GMT

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