AUDJPY inclines towards 94.00 ahead of RBA policy minutes

  • AUDJPY is inching higher towards 94.00 as the focus has shifted to Tuesday’s RBA policy minutes.
  • RBA minutes will provide a detailed explanation behind keeping the pace of the rate hike at 25 bps.
  • Japan’s Kanda reiterated that officials are closely watching forex moves with a high sense of urgency.

The AUDJPY pair has extended its recovery after overstepping the immediate hurdle of 93.50 in the Tokyo session. The risk barometer is now marching towards the round-level hurdle of 94.00 as volatility has been trimmed amid a stellar recovery in the S&P500. Also, US Treasury yields have witnessed a bloodbath after a significant drop in inflation numbers.

Earlier, the cross found fresh demand near 93.00 after remaining in a negative trajectory for the past two trading sessions. The asset has picked bids as investors are shifting their focus toward the Reserve Bank of Australia (RBA)’s monetary policy minutes.

The RBA minutes will display the entire reasoning behind the announcement of the interest rate hike by 25 basis points (bps) despite a historic surge in inflationary pressures. For the third quarter, Australia’s inflation rate climbed to 7.3% vs. the projections of 7.0% and the prior release of 6.1%.

RBA Governor Philip Lowe was expected to return to a 50 bps hike regime for the Official Cash Rate (OCR). It seems that the RBA wants to capitalize on its frequent monetary policy meetings by announcing smaller rate hikes.

Meanwhile, Japan's top currency diplomat Masato Kanda reiterated that officials are closely watching forex market moves with a high sense of urgency and that if needed. ''Authorities remained ready to take action.'', reported Reuters.

On the economic data front, investors are awaiting the release of Tuesday’s Gross Domestic Product (GDP) report. The economic data is seen lower at 0.3% vs. the prior release of 0.9% on a quarterly basis while the annualized figure may decline to 1.1% from the former release of 3.5%.


Today last price 93.65
Today Daily Change 0.21
Today Daily Change % 0.22
Today daily open 93.44
Daily SMA20 94.22
Daily SMA50 94.54
Daily SMA100 94.25
Daily SMA200 92.01
Previous Daily High 94.38
Previous Daily Low 92.94
Previous Weekly High 95.56
Previous Weekly Low 92.96
Previous Monthly High 95.75
Previous Monthly Low 90.84
Daily Fibonacci 38.2% 93.49
Daily Fibonacci 61.8% 93.83
Daily Pivot Point S1 92.8
Daily Pivot Point S2 92.15
Daily Pivot Point S3 91.36
Daily Pivot Point R1 94.23
Daily Pivot Point R2 95.02
Daily Pivot Point R3 95.67



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