隔夜市场 环球通胀压力仍然存在，中国市场将开启长假后的交易

美国市场本周收盘走软，股市从近期高点回落，但受到大西洋两岸通胀数据的影响。 美国和英国的通胀均高于预期，加大了央行“更长时间”维持较高利率的压力。 周五公布的美国生产者物价指数(PPI)也有所上升，证实了通胀压力持续。 英国GDP数据则证实英国经济正处于技术性衰退，从数据看，英国央行应尽早而不是推迟降息。 未来一周将再次关注经济增长和通胀，而亚洲市场在经历了中国农历新年假期的平静后，在下一周交易将会升温，波动将会重临。 美联储将利率维持在如此高水平的压力保持了美元的强势，推动欧元回到1.0750，而英镑则跌破1.2600。
商品货币经过一周的考验后企稳，澳元重回0.6500，而纽元则有望在0.6100上方盘整。 美联储维持高利率的时间越长，商品货币因利差缩小而遭受损失的时间就越长。

US markets closed out the week on a softer note, with equities trading off their recent highs, overshadowed by the inflation readings on both side of the Atlantic. US and UK inflation were both higher than expected, adding pressure on Central Banks to leave interest rates ‘higher for longer’. US PPI, released Friday, was also elevated, confirming inflationary pressures. The UK GDP number confirmed that the British economy was in a technical recession, begging the Bank of England to initiate rate cuts sooner, rather than later. This coming week will again focus on growth and inflation, while Asian markets will heat up, having been quiet over the Chinese, lunar New Year. The pressure on the Federal Reserve to leave rates at these high levels has preserved the strength of the US Dollar, pushing the EUR back to 1.0750, while the GBP slipped below 1.2600.
Commodity currencies stabilised after a week of trial, with the AUD regaining 0.6500, while the NZD looks to consolidate above 0.6100. The longer the Fed preserve high rates the longer the commodity currencies suffer as interest rate differentials contract. Look closely at PMI data across markets, Asia, Europe and the USA.