Asian Stocks Head Up Again, US Inflation Data Come Into Focus
- Asian markets gained broadly as risk appetite endured
- The US Dollar slipped back as Treasury yields did the same
- However the day’s US inflation numbers are eagerly awaited
How is your favourite currency thought of by retail foreign exchange investors? Check out the DailyFX Sentiment Page for more.
Asian stock markets were broadly higher again Friday as investors looked with hope at the regional economy and earnings prospects.
The Nikkei 225 rose 1%, with Australia’s ASX 200 adding 0.3%. Chiense shares were higher too with only South Korea’s Kospi wilting into the close.
Local data were sparse but informative. China’s trade surplus came in well below estimates, with export levels also underwhelming. However imports rose quite sharply suggesting robust internal demand in the world’s second-largest economy.
The US Dollar edged lower, along with Treasury yields as markets wondered how much more rates will rise Stateside beyond the expected increase at the end of this year. However, upcoming US inflation data could yet lift the greenback before the week wraps up.
Crude oil prices edged up as the most recent news pointed to lower US inventories and supply overall, while gold prices were steady.
The remainder of Friday’s scheduled economic news has a distinct US bias with those official Consumer Price Index and retail sales figures coming up, along with the University of Michigan’s venerable monthly snapshot of consumer confidence.
--- Written by David Cottle, DailyFX Research
Contact and follow David on Twitter: @DavidCottleFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.