AUD/JPY kisses 92.00 on better-than-anticipated Australian Retail Sales – by Sagar_Dua24 AUDJPY RetailSales RBA BOJ Inflation
data. The economic data has landed at 1.9%, higher than the consensus of 1.5%. In December, Retail Sales contracted by 3.9%.
In times, when the Reserve Bank of Australia and other policymakers are building a roadmap to soften inflationary pressures, upbeat retail demand data is going to add to the current troubles. Australian inflation has not shown a peak yet despite the RBA has already pushed its Official Cash Rate to 3.35%. RBA’s policy tightening spell is not expected to halt anywhere amid an absence of evidence conveying a deceleration in the overall demand. and monthly Consumer Price Index will release.
As per the projections, a growth of 0.7% is seen in the Q4 of 2022, against 0.6% released in the third quarter. On an annualized basis, the Australian GDP is expected to deliver a growth of 2.7% vs. the former release of 5.9%. Apart from the Australian GDP data, monthly CPI is expected to soften to 7.9% from the former release of 8.4%. A decline in the monthly inflationary pressures will provide relief to RBAOn the Tokyo front, a surprise dovish tone adopted by Bank of Japan Governor Nominee Kazuo Ueda is impacting the Japanese Yen.
In early Asia, annual Japan’s Retail Trade jumped to 6.3% vs. the consensus of 4.0% and the prior release of 3.8%. However, the Japanese Yen failed to capitalize on the same.
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