AUD/JPY: Clings to modest gains near 0.8100 ahead of RBA speech
- AUD/JPY consolidates gains on Tuesday following a previous day’s decline.
- RBA speech, Business confidence and Housing price data keeps Aussie on edge.
- Yen sidelined on improved risk sentiment, domestic COVID-19 worsening situation.
AUD/JPY refreshes daily gains in Tuesday’s Asian session. The pair trades cautiously ahead of the key Australian data. As of writing, the AUD/JPY is trading at 81.12, up 0.14% for the day.
Traders keep their eye on the speech of the Reserve Bank of Australia (RBA) Governor Philip Lowe, who will be speaking on the impact of the Delta variant on the economy.
RBA governor might give insight into inflation expectations, which the central bank believed would not be sustainable between 2% to 3% target before 2024. He believed the impact of the Delta variant might delay but not derail the economic recovery.
As per the latest ANZ -Roy Morgan consumer survey consumer confidence rose 10.6%, lifting the nationwide confidence index by 3.1%. The Australia Business Confidence improved to -5 in August as compared to -8 in the previous month.
Furthermore, risk sentiment was improved after the Washington Post reported that US President Joe Biden is planning to seek global leaders to plan and make new commitments to fight the coronavirus pandemic.
It is worth noting that S&P 500 Futures were trading at 4468.73 up 0.23%. As for now, traders turn their attention to the Japanese Industrial Production data to gauge the market sentiment.
AUD/JPY additional levels
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
