U.S. markets closed broadly higher on Wednesday, with the S&P 500 marking its seventh consecutive winning session, encouraging global stock markets to cash in on the rally. MSCI’s broadest index of Asia-Pacific shares outside Japan rose to its highest levels since July 2015 on Thursday, up 0.2 percent.

Hong Kong stocks hit five-month highs on Thursday, largely due to the market’s cheap valuations, though some analysts still consider the markets to be oversold. Australian stocks also opened the day with a rise, though the uptick was reversed by negative jobs data. Despite the downturn in the Australian stock market, the country’s currency reached multi-year highs against its major trading partners, including the Swiss franc, the euro and the yen, on Thursday. The Australian dollar traded at $0.7710 against the U.S. dollar, breaking the key resistance level of 77 cents.

The dollar retreated from its 2 ½ week highs against the yen on Thursday, easing 0.3 percent to trade at 113.84 yen. The dollar index also erased some of Wednesday’s gains, falling to 100.92 .DXY on Thursday.

Eyes on Thursday’s Announcements

A slew of economic data is due on Thursday, including weekly jobless claims, Philadelphia Fed manufacturing and housing starts. In addition earnings season continues with important earning reports expected both before and after the bell.

Analysts are also continuing to pay attention to U.S. President Donald Trump’s appointments to office, especially with recent resignations and their related controversies. Data released on Wednesday showed that U.S. consumer prices enjoyed their biggest gains in nearly four years, rising 0.6 percent in January. Retail sales increased 0.4 percent, a shocking number compared to the expectations of 0.1 percent. Despite these strong reports, some analysts are concerned that the data isn’t as strong as it appears and that there is reason to question whether the positive trends will continue moving forward.