US PPI rises 0.3% vs 0.4% forecast, and AUD/USD closes below 0.68

US producer prices rose 0.3% in October against a 0.4% forecast, and investingLive said hawkish Fed worries ebbed after the data, yet the dollar closed higher against six of the seven majors on our feed. AUD/USD fell 0.53% to 0.67725, its third close below our weekly tell's 0.6854, and USD/JPY traded above 160 before closing at 159.695.

What the data showed

• USD · PPI: 0.3% on the month in October, against a 0.4% forecast. On the year, producer prices rose 6.5%, against 6.6% expected, FXStreet said.

• USD · Core PPI: 0.3% on the month, as forecast. Action Forex said underlying price pressures stayed firm.

• EUR · Third-quarter GDP, second estimate: 0.4% on the quarter, investingLive said.

Fed speakers and the dollar

• The dollar closed higher against six of the seven majors on our feed, from 0.09% against the Canadian dollar to 0.53% against the Australian dollar; only the yen gained on it. Investing.com said the dollar was heading for its biggest weekly gain since September.

• Chicago Fed President Austan Goolsbee said the Fed "definitely has work to do", Boston Fed President Susan Collins said "inflation is too high and appears to be broadening", and San Francisco Fed President Mary Daly said the "bias is that rates need to go up", FXStreet reported. ING said markets priced back-to-back Fed hikes in December and January, around 85 basis points across the two meetings.

The yen at 160, the Aussie below 0.68

• USD/JPY traded above 160.00 in four of the session's hours, up to 160.19 at 06:16 UTC, and closed 0.09% lower at 159.695, its 14th close in a row above 157.50. Finance Minister Satsuki Katayama said Japan would engage with the US Treasury, FXStreet reported. No headline reported an intervention.

• AUD/USD fell 0.53% to 0.67725, after a low of 0.67695 at 21:36 UTC. It was the pair's lowest close since January on our feed, and its third close below 0.6854, the lower line of our weekly wrap's tell; the session high, 0.68148, stayed below that line. It did not reach 0.6723, the target Action Forex set for a decisive break. MUFG's Derek Halpenny said the support the Aussie had drawn from earlier RBA tightening was fading, FXStreet reported.

• NZD/USD fell 0.39% to 0.55244, below Friday 6 November's close of 0.55452, so all of Monday's rise after New Zealand's general election was gone. Its low, 0.55209 at 21:44 UTC, dipped below 0.5527, where FXStreet had placed the pair's 19-month lows.

The euro, the franc and gold

• EUR/USD fell 0.30% to 1.1022, its fourth lower close in a row, after a low of 1.10197 at 21:52 UTC. Bundesbank President Joachim Nagel hinted that the ECB would need to raise rates again, FXStreet said, but ING's Chris Turner said markets saw US tightening as more credible than euro-area tightening.

• USD/CHF rose 0.43% to 0.83888, its fourth higher close in a row. It traded above 0.8394, the level Action Forex's daily outlook expected to be retested, in every hour from 17:00 UTC to the close, up to 0.83968 at 20:48 UTC, but closed below it. FXStreet called the franc the worst-performing major of the week.

• Gold rose 0.09% to $3,878.38 on our feed, its first higher close after three lower ones, and ended $3.20 above its 30 October close of $3,875.18, the level it had closed below a session earlier. It climbed back above $3,900 in Asian trade, to $3,923.08 at 03:40 UTC, then gave that back; FXStreet said it was heading for a weekly loss of nearly 4.50%.

• WTI dipped below $87 in European trade, FXStreet said, before a rebound in oil that it said helped the Canadian dollar outperform its peers; USD/CAD still closed 0.09% higher on our feed.

Market gauges and what's next

Our proprietary metrics at the close of the session:

• Readings: an MRS of 64, unchanged, with its news component at its full 20 on both days. The CTS read 50, unchanged, with its carry backdrop at 64 out of 100; the FSI read 55, Neutral, from 51.

• Top of our strength table: the Australian dollar, a clear leader for a second session, first for 339 of the session's 1,437 minutes, 24% of them, while it lost the most against the dollar.

• Bottom: the US dollar, a clear laggard, last for 17% of the minutes, even though it rose against six of the seven. The table counts minutes in each place, not the session's net move.

Next week: Action Forex's week-ahead note puts the Fed minutes, UK CPI and Australian jobs data in focus, and a note it carried puts Canada's October inflation report on Monday.