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Market News AUD/JPY Recovers Strongly From 92.00 Prior To PBoC's Monetary Policy Announcement

AUD/JPY Recovers Strongly From 92.00 Prior To PBoC's Monetary Policy Announcement

Due to global tensions, the AUD/JPY pair is having difficulty extending its recovery over 92.30. It is anticipated that the People's Bank of China would maintain the Loan Prime Rate at 3.65%. The Manufacturing PMI in Japan is expected to remain constant at 48.9, while the Services PMI will increase to 51.5.

Alina Haynes
2023-02-20
11541

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After a shaky opening at 92.10 in the Tokyo session, the AUD/JPY pair has gained ground. The risk barometer has rebounded to about 92.30 and is looking to continue its upward trend in the foreseeable future. The US envoy to the United Nations, Ambassador Linda Thomas-Greenfield, stated on Sunday that China would cross a "red line" if it opted to send lethal military aid to Russia in response to its invasion of Ukraine.

 

According to Reuters, recent news from public broadcaster NHK that Japan's Coast Guard stated that North Korea shot three projectiles that could be ballistic missiles has exacerbated the already poor market sentiment.

 

Kim Yo Jong, the sister of North Korean leader Kim, has cautioned against the growing deployment of U.S. strategic assets on the Korean peninsula after the United States conducted bilateral air exercises with South Korea and Japan in reaction to the North's ICBM launch on Sunday.

 

For more guidance, investors await the People's Bank of China's interest rate announcement (PBoC). According to a Reuters survey released on February 17, eight out of ten analysts anticipate that the PBoC will maintain the Loan Prime Rate (LPR) at 3.65%. The Chinese economy is subjected to keeping monetary policy expansionary to boost economic growth after abolishing pandemic controls.

 

Bloomberg reported Goldman Sachs forecasts potential for the MSCI China Index to reach 85 by the end of 2023, a rise of nearly 24% from present levels as the nation’s economic openness produces windfall gains for businesses.

 

It is worth noting that Australia is a significant trading partner of China and rising economic activities in China will help the Australian Dollar.

 

Tuesday will see the release of preliminary Jibun Bank PMI (Feb) data, which will have a significant impact on the Japanese Yen. The Manufacturing PMI is anticipated to remain unchanged at 48.9, while the Services PMI is anticipated to climb from 51.1 to 51.5.


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