AUD/JPY slides towards 91.00 on downbeat Australia Q4 GDP – by anilpanchal7 AUDJPY RiskAppetite GDP YieldCurve BOJ
Australia Q4 GDP eased to 0.5% QoQ versus 0.8% expected and 0.6% prior, monthly CPI eases for January.China PMIs, BoJ talks and risk catalysts eyed for clear directions.economic growth during early Wednesday. In doing so, the risk-barometer pair also takes clues from the market’s sour sentiment amid hopes of higher rates and worsening inflation fears.
Apart from the downbeat Aussie GDP, the market’s sour sentiment also weighed on the AUD/JPY pair. The same contradicts the dovish BoJ talks. Risk profile remains weak during early Wednesday as the all-important March month begins, which comprises Federal Reserve Chairman Jerome Powell’s testimony and the Federal Open Market Committee monetary policy meeting. It should be noted that the escalating fears of more supply crunch and inflation pressure also contribute to the risk-off mood.
While portraying the same, S&P 500 Futures track Wall Street’s mild losses whereas the US 10-year Treasury bond yields regain upside momentum targeting the 4.0% hurdle after witnessing a pullback late Tuesday. Looking forward, China’s official activity data for February precedes Caixin Manufacturing PMI for the said month to direct intraday AUD/JPY moves. However, major attention should be given to the risk catalyst and the Bank of Japan talks as the incoming board struggles to defend the Japanese central bank’s ultra-easy monetary policy.A daily closing below the six-week-old ascending support line, now resistance around 92.
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