The headline number was much higher than anticipated. However, if you strip out the transport component, the number was a little soft. This number is notoriously volatile.

That was an upside surprise in the headline PPI index. That's going to keep the Federal Reserve on track in raising interest rates at an incremental pace,

Ongoing fears of possible Bank of Japan intervention combined with renewed rumors of a possible downgrade of Japan's credit rating also weighed on the yen.

U.S. dollar pessimism continues to pervade the foreign exchange market.

He carries a lot of credibility in the marketplace. He's well respected in terms of his knowledge and his experience at the Fed. He is seen as very capable and credible that would prove reassuring in the near term,

It reaffirms the view that the U.S. economy remains on a solid growth track.