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Market News AUD/JPY Falls To Close To 87.80 As Australian Monthly Inflation Weakens To 6.8%

AUD/JPY Falls To Close To 87.80 As Australian Monthly Inflation Weakens To 6.8%

AUD/JPY has plummeted to near 87.80 as Australian inflation has weakened to 6.8%. The collaborative effect of weakened Retail Sales and a declining price index would encourage the RBA to maintain the status quo. BoJ Kuroda remained extremely dovish regarding future monetary policy as the target for sustainable inflation has not yet been reached.

Daniel Rogers

2023-03-29

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The AUD/JPY pair fell sharply to near 87.80 after the Australian Bureau of Statistics reported a further decline in the Consumer Price Index (CPI) for the previous month. (Feb). The economic data came in at 6.9%, below the consensus estimate of 7.1% and the previous release of 7.4%.

Tuesday's increase in Australian Retail Sales was 0.2%, which was below the consensus estimate of 0.4% and the previous release of 1.9%. A weaker-than-anticipated retail demand suggests that households are enduring the burden of higher inflation and are having difficulty compensating for the impact of inflated products with their current paying capacity.

The Reserve Bank of Australia (RBA) would be encouraged to maintain monetary policy at its April meeting due to the synergistic impact of weakened Retail Sales and a falling price index. Investors must be aware that RBA Governor Philip Lowe raised the Official Cash Rate (OCR) to 3.60 percent in March.

The China Bureau of Statistics will release Manufacturing and Non-Manufacturing PMI data every Friday going forward. Market participants anticipate a respectable performance because the Chinese economy is promoting development through monetary measures following the abolition of pandemic controls. Notably, Australia is China's largest trading partner, and accelerating economic activity in China will also benefit the Australian Dollar.

As the sustainable inflation objective has not yet been reached, the former governor of the Bank of Japan, Haruhiko Kuroda, remained exceedingly dovish regarding future monetary policy regarding the Japanese Yen. He continued, "It is premature to discuss a withdrawal from easy monetary policy." And "More time is required to reach the price target consistently and sustainably."