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Market News AUD/JPY Seeks To Regain 89.00 Prior To The Release Of Australian Employment Data

AUD/JPY Seeks To Regain 89.00 Prior To The Release Of Australian Employment Data

AUD/JPY is attempting to reclaim the immediate resistance at 89.00 as the BoJ is expected to maintain its dovish posture. The Japanese government is confident that wage growth is on track, but the decelerating PPI indicates otherwise. A higher-than-expected Australian Employment Change report could reignite concerns of additional rate increases from the RBA.

Alina Haynes

2023-04-12

10760

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During the Asian session, the AUD/JPY pair attempts to reclaim the key resistance level of 89.00. Bank of Japan (BoJ) Governor Kazuo Ueda has advocated for an extension of the already decade-long ultra-loose monetary policy in order to attain inflation consistently above 2%.

Officials in Japan are confident that wage growth is on track, but the decelerating Producer Price Index (PPI) indicates otherwise. As anticipated by market participants, the PPI for March did not move. While the annual PPI came in at 7.2%, which is higher than the consensus of 7.1%, it remained lower than the previous release of 8.1%. The inability of businesses to maintain accelerating production rates at factory gates is indicative of feeble demand from households.

Commerzbank analysts anticipate that the Japanese Yen will only appreciate over the long term if there is an early shift away from the current monetary policy.

Regarding the BoJ's Yield Curve Control (YCC), the IMF has stated that allowing more flexibility in YCC could have repercussions for global markets, but it could also prevent precipitous policy changes in the future that could result in large spillovers.

On the front of the Australian Dollar, investors are awaiting the March Employment report for fresh impetus. The market anticipates an increase of 20,000 jobs in the Australian economy, which is less than the previous release of 64.6K. While the Unemployment Rate is anticipated to rise to 3.6% from 3.5% in February, the Unemployment Rate is projected to increase to 3.6%.

The Reserve Bank of Australia (RBA) Governor Philip Lowe has left the door open for additional rate hikes if Australian inflation persists, so the release of higher-than-anticipated job gains could rekindle fears of additional rate hikes.