- AUD/JPY accumulates losses on Thursday’s following a previous day’s decline.
- RBA bulletin, Unemployment data and Consumer sentiment plays the pivot role in the Aussie movement.
- Yen gains on general risk-off sentiment on its safe-haven appeal.
AUD/JPY refreshes daily lows in Thursday’s Asian session. The pair retreated from the higher levels on RBA cautious approach to China economic performance and the COVID-19 situation.
As of writing, the AUD/JPY is trading at 80.06, down 0.14% for the day.
The pair came under renewed selling pressure after the Reserve Bank of Australia (RBA) today released its quarterly bulletin despite upbeat economic data.
The employment rate dropped by 146K as compared to the market consensus of 90K as per the Australian Bureau of Statistics. However, the ‘ hours worked’ indicators witnesses a huge drop of 3.7% in July. The jobless rate saw a drop of 4.5% in August from 4.9% in June.
The inflation expectations in Australia eased to 3.30% in August from 3.70% in July.
The sentiment was sour after New South Wales, Australia’s largest population state reported a jump in fresh CoVID-19 cases. There were fresh 1351 cases were recorded on Wednesday as compared to 1259 a day earlier.
It is worth noting that S&P 500 Futures was trading at 4,480, up 0.85% for the day.
The Japanese Yen gains on the optimism after a Reuters poll reported that 53% of Japanese firms expected the economy would recover to pre-pandemic levels by end of the financial year 2022.
As for now, market dynamics continue to influence the pair’s performance for the time being.
AUD/JPY additional levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.