Asian markets closed mostly higher Monday, as a stronger U.S. dollar cheered investors and lifted exporters. Both Australia and Japan closed up with Australia gaining almost 1 percent.

Australia's central bank on Friday  raised its forecasts for inflation this year further above its  comfort zone, but said a significant slowing in domestic demand  was underway which would bring inflation back into the band by  the end of 2010.

Oil's relentless surge to a new peak above $124 weighed on Asian shares Friday, while a stronger yen pressured Japanese exporters, such as Toyota Motor.

Australia employment growth blew past expectations in April, pointing to a still-healthy labor market even as other parts of the economy buckle before higher interest rates and rising living costs.

Oil's relentless push to yet another record high pressured Asian shares across the board Thursday, raising fears that inflation -- and central bank measures to cool it -- would hurt consumer spending and profits.

Asian stocks were mixed Wednesday with some markets reversing earlier advances. Resource firms, helped by record high oil prices and rising metal prices managed to hang on to their gains.

Australia's central bank kept interest rates steady at a 12-year high of 7.25 percent on Tuesday, pointing to a slowdown in demand which could mean a further tightening is not needed.1st paragraph of story should go here

Australia's trade deficit narrowed by more than expected in March as mineral exports rebounded from supply disruptions, while a coming price bonanza could mean a long-awaited return to surpluses is not far away.

Asian markets were mostly weaker Tuesday after surging oil prices and worries that Bank of America would scrap a deal to buy mortgage firm Countrywide Financial hurt Wall Street.

A private measure of Australian inflation hit new highs in April as households paid more for health, fuel and rent, keeping upward pressure on interest rates just a day before a central bank policy meeting.

Asian stocks were higher Monday, after upbeat U.S. jobs data buoyed Wall Street Friday, with stronger oil and metal prices lifting resource firms. Volumes were thin with both the Japanese and South Korean markets closed for national holidays.

Australian retail sales rose more than expected in March, sending the local dollar higher, but much of the rise was due to consumers having to pay more for food and was not taken as a revival in consumption.

Asian markets were sharply higher Friday after better-than-expected economic data, a rebound in the U.S. dollar and falling oil prices and triggered a rally on Wall Street. Both Japan and Australia closed 2 percent higher.

The Japanese and Australian markets closed lower in the afternoon session Thursday. Trading was quiet with most markets in the region closed for the Labour Day holiday.

Most Asian markets closed lower Wednesday ahead of the U.S. Federal Reserve rate decision later in the session. Japan finished slightly lower, but Shanghai was the stand out performer, up almost 5 percent.