AUD/JPY attracts some sellers below 94.50, eyes on Australian employment data and BoJ rate decision this week
The post AUD/JPY attracts some sellers below 94.50, eyes on Australian employment data and BoJ rate decision this week appeared on BitcoinEthereumNews.com.
AUD/JPY extends its downside near 94.25 in Monday’s early European session, down 0.18% on the day. Economists expect the BoJ to raise interest rates further by the end of this year. The concerns about the Chinese economic slowdown further weigh on the China-proxy AUD. The AUD/JPY cross extends decline around 94.25 on Monday during the early European session. The stronger Japanese Yen (JPY) and the hawkish vibes ahead of the key Bank of Japan (BoJ) interest rate decision on Friday drag the cross lower. The BoJ will likely not raise interest rates at its September policy meeting on Friday, but a majority of economists in a Reuters poll still expect a hike by year-end. This, in turn, supports the JPY and weighs on the AUD/JPY cross. Junki Iwahashi, senior economist at Sumitomo Mitsui Trust Bank, noted that the Japanese central bank is anticipated to proceed cautiously with rate hikes at a pace of about once every six months while assessing the impact of monetary tightening on the domestic economy. On the Aussie front, renewed signs of deflation and a sluggish economy in China continue to undermine the China-proxy Australian Dollar (AUD). It’s worth noting that China is Australia’s largest trading partner, and negative developments surrounding the Chinese economy generally weigh on the AUD. On Thursday, the Australian employment data will be released. The country’s Unemployment Rate is projected to remain steady at 4.2% in August, while Employment Change is estimated to show a 30.8K rise in the same month from 58.2 in July. If the Australian labor market data shows stronger momentum, this could lift the Aussie and cap the cross’s downside. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because…
Filed under: News - @ September 16, 2024 7:20 am