08:52 AM EDT, 05/14/2024 (MT Newswires) -- The US dollar jumped against most major counterparts in early North American trade on Tuesday after government data showed producer price growth accelerated faster than was expected in April.

Bureau of Labor Statistics figures showed producer prices rising 0.5% last month, more than reversing the 0.1% decline from March and coming ahead of the consensus for a more modest reading of 0.3%. Sequential price growth helped lift the annual pace of producer price inflation to 2.2% last month, from 1.8% previously, though this number was in line with expectations.

Core producer prices excluding food and energy also rose 0.5% in April from a 0.1% decline from March and ahead of the 0.3% consensus. The annual pace of core producer price inflation held steady at 2.4% during April, in line with various measures of the consensus.

EUR/USD was quoted 0.04% higher at 1.0797 after reversing a momentary sell-off that had seen it trade as low as 1.0777 following the release. GBP/USD was quoted 0.08% lower at 1.2551 after reversing knee-jerk losses to 1.2519 while USD/JPY was quoted 0.19% higher at 156.52 after rallying briefly to 156.79. USD/CAD, meanwhile, was quoted 0.07% lower at 1.3656.