"Right now it's month-end rebalancing," said Ian Lyngen, head of US rates strategy at BMO Capital Markets in New York, noting the next major market catalyst will be next Friday's jobs report for April.
The yields fell back down in the afternoon, however, and are now trading in the middle of their recent range.
The currency dipped to a session low 15.0875 after the Reserve Bank's (SARB) decision, which while in line with consensus was more dovish in tone than expected.
A 1.3% rise in the prices of services accounted for two-thirds of the increase in the PPI. That was the biggest gain since December 2009 and followed a 0.1% drop in December.
Slack in the labor market remains excessive, with at least 20 million Americans on unemployment benefits.
A 1.3% rise in the prices of services accounted for two-thirds of the increase in the PPI. That was the biggest gain since December 2009 and followed a 0.1% drop in December.
Slack in the labor market remains excessive, with at least 20 million Americans on unemployment benefits.
Inflation ended 2020 above government forecasts at 14.6%, mainly due to a sharp decline in the lira and surging food prices.
Bankers said the government, in a departure from previous years, is hiking taxes and prices on items that account for only a small portion of the inflation basket.