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None of which were good for equities as the S&P 500 lost 0.6%, with the focus of the selling in the 'yield' sectors, such as utilities and telecoms, which did not react well to hawkish comments from the Federal Reserve’s William Dudley who said a September hike was on the table. The pound rallied after stronger than expected PPI data and WTI oil surged another 2% above the US$46 level.
The big story overnight was the collapse in the US dollar, which bottomed at 94.42 around 10.30 pm AEST just as US CPI was released missing market expectations. There were comments from the Fed’s John Williams, Dennis Lockhart and William Dudley, but it was Mr Dudley’s staunch hawkishness about the potential for a September rate hike that helped the DXY pare some of its losses.