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Market News AUD/JPY experiences a temporary retreat around 94.20 ahead of PBOC and PMIs data

AUD/JPY experiences a temporary retreat around 94.20 ahead of PBOC and PMIs data

AUD/JPY faces resistance at 94.20; nonetheless, the upside remains supported ahead of PBOC. The publication of job layoffs by the Australian economy had little effect on aussie bulls. The S&P PMI statistics will be of the utmost importance moving forward.

Daniel Rogers
2022-08-22
526

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In the early Tokyo session, the AUD/JPY currency pair detected temporary exhaustion in the uptrend near 94.20. The risk barometer has exhibited a strong open-drive movement as the asset has climbed sharply since the beginning of today's trading session. As investors anticipate a dovish tone from the People's Bank of China, the short-lived obstacle is anticipated to vanish sooner (PBOC).

 

Notable is the fact that Australia is China's biggest trading partner. Consequently, the antipodean will benefit from the PBOC's loose monetary policy. Increased liquidity in the Chinese economy will boost Australian exports and improve the country's fiscal balance sheet.

 

Despite a severe decrease in the Australian Employment Change, the Aussie bulls defended their position last week. Instead of the anticipated increase of 25,000 jobs, the Australian Bureau of Statistics recorded a reduction of 40,9k. However, the Unemployment Rate was revised downward to 3.4% from the previously reported 3.5%.

 

In contrast, despite a rise in the National Consumer Price Index, yen bulls failed to exhibit any buying activity (CPI). The economic statistics came in at 2.6%, exceeding both the consensus estimate of 2.2% and the previous reading of 2.4%. Sustained inflation above 2% may push the Bank of Japan (BOJ) to adopt a neutral stance in the near future.

 

IHS Markit's S&P Purchase Managers Index (PMI) data will be of the utmost importance moving forward. The Australian Manufacturing PMI and Services PMI are anticipated to rise to 57.3 and 54, respectively. While the Japanese Manufacturing and Services PMIs may rise to 51.8 and 50.7, respectively, in the near future.


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