AUD/JPY pressured to test hourly support
|- AUD/JPY is feeling the pressure as the yen hardens in Tokyo trade.
- Risk-off sentiment gathers pace as trade war headlines rear their ugly head.
AUD/JPY is trading at 76.56 and is down some 0.15% on the day so far having scored a low of 76.52 from a high of 76.74.
In recent trade, commodities have been under pressure as trade war angst pipes up again, this time between Australia and China.
The CRB index is still higher on the day but has met a peak and the fundamentals have soured.
The latest news is that the China Commerce Ministry will impose temporary anti-dumping measures on wine imports from Australia from November 28.
The news comes on the back of last week's reports that the Chinese Ministry of Foreign Affairs spokesman Wang Wenbin claimed that Australia has launched 106 anti-dumping and anti-subsidy investigations against China.
He also said that China had only initiated four investigations against Australian goods.
Aussie coal tankers have also been stopped from delivering to ports in China. This comes on the heels of last months news that China would ban coal imports.
Meanwhile, iron ore markets pushed towards 6 year highs overnight.
''BHP emphasised resilient Chinese steel demand with blast furnace utilisation rates set to remain at about 91% on strong margins,'' analysts at Westpac explained.
''Jan Dalian iron ore is up 1.7% on the night session while the SGX Dec contract hit fresh records closing at $127.22. The 62% MySteel index closed up $2.15 at $129.90.''
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