US shares were mixed in afternoon trading. Volume was low and investors interpreted the July producer price report as potentially bolstering the case for the Federal Reserve to lift rates higher.Tesla -1.1% Apple +0.3% Meta -1.1% Nvidia -3.1%The local currency slid below US65¢; the Bloomberg dollar spot index edged higher.The yield on the US 10-year note rose 6 basis points to 4.16 per cent at 2.34pm in New York.The producer price index for final demand increased 0.3 per cent last month.
“It is easy to make the hawkish case for the Fed as we are still expecting rising wages from labour disputes, higher energy prices, and a gradual weakening of the labour market,” Oanda’s Edward Moya said in a note.
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