Dollar dips after weak consumer prices data

Cautious Fed Lifts Global Stocks to Record High, Investors Eye Earnings Lift

There is also consumer price index inflation data at 8:30 a.m., a much-anticipated report that could be market-moving if it is either weaker or stronger than expected.

Another big data point for markets will be the retail sales, expected to be up 0.1 percent on the headline after a decline of 0.3 percent in May.

This view is backed up by Hermes Investment Management group chief economist Neil Williams, who believes the Fed remains the test case for whether central banks can ever "normalise" rates.

Japan's Nikkei 225 added 0.1 percent to 20,118.86 and South Korea's Kospi rose 0.2 percent to 2,413.53. Inflation has climbed just 1.6 percent from a year ago.

USA two-year yields slid as well, down at 1.343 percent, from 1.355 percent before the data's release.

The falling price of gasoline also helped hold down U.S. retail sales, which contracted for the second straight month in June, while manufacturing output rose slightly but slowed in the second quarter, according to two separate reports Friday.

The dollar index fell 0.4 per cent against a basket of currencies, while the euro gained 0.39 per cent to $1.144.

Meanwhile, the Commerce Department reported that retail sales slipped 0.2% in June, while sales excluding autos also declined 0.2% from May.

At 10:12 a.m. EDT (1412 GMT), federal funds futures implied that traders saw a 53-percent chance the Federal Reserve would raise key overnight borrowing costs by at least a quarter point at its December 12-13 meeting, down from about 55 percent at Thursday's close, according to CME Group's FedWatch program.

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If low inflation persists, the Fed would have to stay its hand even longer, keeping interest rates near historic lows to encourage business and consumer spending and, in turn, price increases - a sign that economic activity is on a healthy growth cycle. That followed a report that the European Central Bank is likely to signal in September that its asset purchase programme will be gradually wound down next year.

Fed Chair Janet Yellen told lawmakers on Wednesday that the recent cool-off in inflation was partly the result of "a few unusual reductions in certain categories of prices" that would eventually drop out of the calculation.

Dow Jones closed up by 0.41 percent, S&P 500 ended up 0.47 percent, Nasdaq finished the day up by 0.59 percent.

USA 10-year yield fell to 2.303 percent, from 2.348 percent late on Thursday.

U.S. Treasury yields dropped to multi-week lows on Friday as benign U.S. inflation data in June and an unexpected fall in retail sales fueled doubts about an interest rate increase later this year. Retail sales rose 2.8 per cent year-on-year in June.

The New Zealand dollar another high-earning currency that has gained from significant risk appetite this week, shed 0.02 percent to 0.7318 after reaching an eight-month peak of 0.7369 on Thursday. The contract finished the week up 1.5 percent, its first gain in six weeks.

West Texas Intermediate (WTI) crude futures settled up 46 cents, or 1 percent, at $46.54 per barrel. Oil prices rose 1 per cent.

Brent crude futures, the worldwide benchmark for oil, settled up 49 cents at US$48.91 per barrel.

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