In the absence of any domestic data of any relevance, the market’s focus should fall on offshore developments today. In particular, US PPI data will be viewed for fresh insights into inflationary dynamics in the world’s number-one economy, which, in turn, will affect positioning for prospective Fed policymaking. Recall that services inflation was on a broad rise through 2024, which has kept producer inflation elevated. In turn, consumer inflation has held above the US Fed’s inflation target of 2.0% and in recent months been on an uptrend. Should producer price inflation remain elevated in the coming months and drive greater cost-push pressure into consumer prices, the US Fed would have more conviction to pause its easing cycle for a while longer.