AUD/JPY continues to oscillate around 91.00 despite upbeat Australian PMI – by Sagar_Dua24 AUDJPY PMI RBA BOJ Inflation
the prior release of 48.3. Also, the Composite PMI has scaled to 48.5 against the former release of 48.2. An absence of a contraction in economic activities despite rising interest rates by the Reserve Bank of Australia could keep Australian inflationary pressures intact.
The Australian Dollar is expected to remain volatile on Friday ahead of the release of the Caixin Services PMI . Theis seen at 47.3 lower than the former release of 48.0. A decline in the Services PMI could impact the Australian Dollar as Australia is a leading trading partner of China. Next week, the Australian Dollar will remain in the spotlight due to the interest rate decision announcement by the RBA. The Australian inflation rate has not shown a peak yet as it has shown a fresh high of 7.8% in the fourth quarter of CY2022. RBAAnalyst at Deutsche Bank Australia sees the RBA likely to drive the Official Cash Rate to 4.1%, citing the most recent inflation update of a 7.8% increase in the CPI, which was slightly higher than expected.
On the Japanese Yen front, investors are awaiting the release of the Jibun Bank Services PMI for fresh cues. The economic data is seen steady at 52.4. The street is still confused about the rationale behind widening the Yield Curve Control by the Bank of Japan in its December monetary policy meeting.
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