- Aussie data, China data, and US rate hike take turns pummeling the risk asset Aussie as safe havens become suddenly more attractive.
- Australian employment broadly missed the mark, printing at just 12k vs the forecast 18k.
The AUD/JPY is trading into 83.40 following China Retail Sales figures that broadly missed the mark.
The Aussie has seen some challenges for the mid-week, getting knocked off of Wednesday's high just shy of the 84.00 handle by a US Fed rate hike that saw risk flows spike briefly; Australian Employment figures also disappointed, with Australian employment only adding 12 thousand jobs, a fair chunk below the expected 18 thousand, and a further decline from the previous reading of 18.3 thousand.
China indicators also broadly missed, taking even more wind out of the Aussie's sales with year-on-year Retail Sales coming in at 8.5% versus the expected 9.6% (last 9.4%), with Industrial Output printing at 6.8% (forecast 6.9%) and Urban Investment sitting at 6.1% y/y (forecast 7.0%).
The AUD is drooping in the face of a rash of disappointing macro figures across the board, and Aussie bulls are going to have a tough fight muscling back towards a bullish stance with most of the week's gains being quickly eaten away.
AUD/JPY Levels to watch
With the pair continuing to test to the downside of the recent key low of 83.50, the AUD/JPY looks set to fall back into major technical lows established in May(81.00), unless bulls can stage a meaningful recovery and push the pair over June's highs(84.50) and send the Aussie back higher against the safe-haven Yen. Middling data for both the Australian and Chinese economies are poorly timed, sapping power out of the buyers' camp, and the AUD/JPY could wind up looking for near-term support from the week's low of 82.90.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.