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Market News AUD/JPY surpasses 91.70 despite the Australian GDP decline to 5.9%

AUD/JPY surpasses 91.70 despite the Australian GDP decline to 5.9%

Despite weaker-than-anticipated Australian GDP figures, AUD/JPY has attempted to surpass the 91.70 barrier. The annual and quarterly GDP of Australia fell to 5.9% and 0.6%, respectively. A fall in China's inflation would prompt the People's Bank of China to declare additional policy easing.

Alina Haynes

2022-12-07

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Despite a weaker-than-expected Australian Gross Domestic Product, the AUD/JPY pair has surpassed the key resistance level of 91.70. (GDP). The annual GDP statistics came in at 5.9%, which is less than the anticipated 6.3% and the previous announcement of 3.6%. While quarterly GDP data has been reported at 0.6% as opposed to 0.7% as expected and 0.9% as previously released.

The Reserve Bank of Australia's (RBA) objective of establishing price stability will be aided by weaker-than-expected Australian GDP data. The cross remained highly volatile on Tuesday after the RBA raised its Official Cash Rate (OCR) by 25 basis points for the third straight time (bps). This has increased Australia's interest rates to 3.10 percent. The decision to increase interest rates by 25 basis points was in line with projections.

Regarding interest rate guidance, RBA Governor Philip Lowe believes that additional tightening of monetary policy is imminent. As the current inflation rate of 6.9% is much above the target rate of 2%, the RBA is not in a hurry to halt interest rate hikes, and further policy tightening cannot be ruled out.

This week, investors will closely monitor the release of China's Consumer Price Index (CPI) data on Friday. The annual CPI is anticipated to fall sharply to 1.0% from the previous reading of 2.1%. This could compel the People's Bank of China (PBOC) to further loosen monetary policy. Australia is China's most important trading partner, and monetary easing in China will strengthen the Australian Dollar.

Meanwhile, Japanese yen investors await the GDP report on Thursday. It is anticipated that the economic data would decline by 1.1%, compared to the earlier contraction of 1.2%. While the quarterly data is projected to decline by 0.3%, comparable to the previous release, the quarterly data is likely to decline by 0.2%.