The AUD/JPY cross snaps the two-day losing streak during the Asian session on Monday. The cross currently trades near 94.51, up 0.17% on the day. The
Reserve Bank of Australia monetary policy meeting and the Gross Domestic Product due on Tuesday and Wednesday could trigger volatility in the market.
The Australian Labour government will introduce legislation to close"loopholes" in workplace law on Monday, which is opposed by business organizations who are concerned about increased expenses as a result. This, in turn, might encourage employers to pay more and can foster inflation higher. About the data, the latest data from the University of Melbourne showed that Australian annual TD Securities Inflation for August surged 6.1% versus 5.4% in the previous month. On a monthly basis, the figure rose 0.2% versus 0.8% prior.
The RBA is expected to keep its key interest rate unchanged at 4.10% on Tuesday’s meeting as inflation shows signs of easing, according to a Reuters poll. However, market players anticipate that the central bank will maintain its hawkish stance and might hikeOn the other hand, the Japanese Monetary Base data for August revealed a rise of 1.2% YoY compared to the previous reading of a 1.3% drop.
In the absence of top-tier economic data release from Japan, the AUD/JPY cross continues to be at the mercy of AUD price dynamics. The key event this week will be the Reserve Bank of Australia Interest Rate Decision. Also, the Australian Gross Domestic Product for the second quarter will be due on Wednesday. Traders will take cues from these data and find trading opportunities around the AUD/JPY cross.
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