AUD/JPY fails to cheer upbeat Australia Retail Sales near 91.00 amid Japan, China holidays – by anilpanchal7 AUDJPY RetailSales RiskAversion Banks Crosses
March manage to print upbeat figures for March early Wednesday. In doing so, the quote portrays a cautious mood ahead of the top-tier data/events. Also challenging the cross-currency pair are the holidays in China and Japan, as well as fears emanating from baking sector fallouts and hawkish central bank bias, backed by the latest surprise from the Reserve Bank of Australia .
Australia’s seasonally adjusted Retail Sales for March rose 0.4% versus market expectations of witnessing a 0.2% steady growth number.Earlier in the day, Australia’s AiG Industry Index for March rose to 20.1 versus -6.1 prior whereas the AiG Manufacturing and Construction PMIs for the said month dropped to -20.2 and -12.4 respective levels versus -5.8 and 5.6 priors in that order. Further, S&P Global Services PMI for April improved to 53.7 versus 52.
On a different page, fresh selling of PacWest Bancorp and Western Alliance Bancorp shares triggered banking fears across the board, which in turn exerts downside pressure on the AUD/JPY prices due to the pair’s risk-barometer status. Also portraying the risk-aversion wave is the mildly offered S&P 500 Futures and the downbeat close of Wall Street.
It should be noted that the RBA board members surprised AUD/JPY pair traders the previous day by lifting the Official Cash Rate by 25 basis points to 3.85%. Not only does the RBA announce a 0.25% rate hike but the
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