Friday night saw the follow up release of the US PPI inflation print that also came in hotter than inspected but didn’t garner the same reaction earlier in the week with the USD relatively steady and bond markets also calm. Wall Street fell back a little but remains near a record high with European stocks also unaffected. The USD fell back to its start of week position with the Australian dollar able to get off the floor and back above the 65 cent level.
10 year Treasury yields traded back above the 4.3% level while oil prices are still lifting with Brent crude extending further above the $83USD per barrel level. Meanwhile gold fought back after being under pressure and closed the week out above the key $2000USD per ounce level.
Looking at share markets in Asia from Friday’s session where mainland Chinese share markets were still closed for the New Year holiday, and will do so all week while in Hong Kong the Hang Seng Index was also closed.