Asian markets were mixed Tuesday as investors took a breather after the previous day's rally and as they gear up for the release of key US inflation data later in the week.
Oil prices extended gains as major oil producers prepare to meet and the US driving season gets under way, which is expected to see a spike in demand. Photo: KEVORK DJANSEZIAN / GETTY IMAGES NORTH AMERICA/Getty Images via AFPAsian markets were mixed Tuesday as investors took a breather after the previous day's rally and as they gear up for the release of key US inflation data later in the week.
That has put a little downward pressure on the dollar against its major peers, with the yen also supported by growing speculation the Bank of Japan will hike borrowing costs again within the next few months.The main focus on trading floors, however, is Friday's release of the US personal consumption expenditures index -- the Federal Reserve's preferred gauge of inflation, which is forecast to have seen a slight slowdown in April from the previous month.
While the Fed continues to debate when to move on rates, the ECB appears set to make a cut with chief economist Philip Lane telling the Financial Times that"barring major surprises" the next direction will be downward.In early trade, Hong Kong, Shanghai, Singapore, Seoul, Taipei and Jakarta all rose, though Tokyo, Sydney, Wellington and Manila edged down.
"The dollar is weaker across the board with the risk-positive backdrop seemingly overriding the greenbacks safe-haven appeal," said National Australia Bank's Rodrigo Catril.
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