AUD/JPY marches towards 89.00 ahead of China Inflation and Australia Employment – by Sagar_Dua24 AUDJPY BOJ RBA Employment Inflation
ter the novel Bank of Japan favored the continuation of a decade-long ultra-loose monetary policy to safeguard the Japanese economy from the cascading effects of a global slowdown.
Considering optimism in AUD/USD, the AUD/JPY pair is following the footprints. The Australian Dollar is likely to remain volatile ahead of the release of China’s Consumer Price Index data. As per the estimates, the annual inflation figure would remain stable at 1%. The monthly CPI figure is expected to accelerate by 0.1% vs. a deflation of 0.5% recorded in February.
This gives hope for an economic recovery in China as investors are losing faith in the economic prospects of China despite the dismantling of pandemic controls. A recovery in retail demand would also infuse confidence among firms for deploying more capacity for production. Investors should be aware of the fact that Australia is the leading trading partner of China and a recovery in China will also strengthen the Australian Dollar.
Later this week, Australia’s Employment data will be keenly watched. According to the estimates, the Australian economy added fresh 20K jobs in March lower than the former release of 64.6K. Also, the Unemployment Rate will increase to 3.6% from the prior release of 3.5%. It looks like higher rates from the Reserve Bank of Australia are softening the demand for labor.
Meanwhile, “Australia’s Treasurer Jim Chalmers warned of ‘complex and confronting’ global economic conditions as he prepares to head to Washington for G20 meeting, as reported by Bloomberg.
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