AUD/JPY eyes more downside below 96.00 on light hawkish RBA minutes – by Sagar_Dua24 AUDJPY RBA BOJ PBOC Inflation
eighted pressure on the cross. A lower-than-expected hawkish commentary on interest rates by the Reserve Bank of Australia from its minutes has weakened the aussie bulls. RBA policymakers discussed a rate hike of 25 or 50 basis points . The next rate hike will be more data-dependent and will keep in mind the consequences on the economy.announced a fourth rate hike of 50 basis points and pushed the Official Cash Rate to 2.35%.
Meanwhile, an unchanged People’s Bank of China monetary policy will keep the aussie bulls on the tenterhooks. A rate cut in Prime Lending Rate was expected by the market participants as price pressures remained lower and acceleration in growth rate was higher than desired. It is worth noting that Australia is a leading trading partner of China and an unchanged monetary policy against expectations will scale down its export numbers against forecasts.
On the Tokyo front, Japan’s Ministry of Finance stated that the government will spend 3.48 trillion yen in budget reserves to cope with price hikes and covid-19, as per Reuters. The headlines cleared that the inflation rate is picking up pace now in the Japanese region. The statement could be matched with the release of Japan’s NationalThe headline National CPI has landed at 3%, higher than the forecasts and the prior release of 2.6%.
has improved to 1.6% that the former figure of 1.2% but remained lower than the expectations of 1.7%.
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