US dollar dips after producer prices data

The U.S. dollar slipped against the yen and euro on Wednesday after data showed producer prices unexpectedly fell in August, cementing expectations that the Federal Reserve will resume cutting interest rates later this month.

The dollar was slightly down against the yen at 147.37 USDJPY following the data, while the euro turned marginally higher at $1.1711 EURUSD.

A Labor Department report showed the Producer Price Index fell 0.1% on a monthly basis, compared with an expected 0.3% rise. But it rose 2.6% on an annual basis in August, compared with a 3.3% gain expected by economists polled by Reuters.