Asian markets quiet on holiday; US inflation data awaited

Asian markets in focus: Asian markets remained subdued on the Good Friday holiday, with trading activity thin as several key markets were closed. 

Investors held back ahead of the release of crucial US inflation figures.

Markets were shut in Hong Kong, India, Indonesia, the Philippines, Singapore, and the United States. 

Attention has shifted to the upcoming release of the US Federal Reserve's preferred inflation gauge, the core personal consumption expenditures price index (PCE), along with comments from Fed Chair Jerome Powell scheduled for Friday.

The core index was seen rising 0.3 per cent last month, maintaining the annual pace at 2.8 per cent. 

In Thailand, the baht currency was poised for its third consecutive decline, amid speculation that the Thai central bank may cut high interest rates at its upcoming policy meeting on April 10.

South Korea's won dipped 0.2 per cent, while the Taiwanese dollar remained flat and the Malaysian ringgit edged up 0.1 per cent. 

In equity markets, benchmark indexes in Taiwan, Thailand, Malaysia, and China rose between 0.4 per cent and 0.6 per cent.

Oil prices remained elevated, posing concerns about disinflation in Asia and potential challenges for central banks. 

Crude oil prices have surged, averaging $85.4 a barrel this month, driven by the OPEC+ decision to extend production cuts.

While commodity prices have been a concern for central banks, analysts suggest that the recent uptick may not prompt immediate policy action. 

Inflation data from the Philippines, South Korea, and Thailand next week, along with the Reserve Bank of India's policy decision and China's PMI data, will be closely watched by markets.

(With Reuters Inputs)