AUD/JPY holds below the 94.00 mark following the mixed Australian/Chinese data – by lilyfinancial AUDJPY
up 0.88% for the day. The cross struggles to gain following the mixed Australian and Chinese data earlier in the day. Investors await the ChineseIn Japan, Household Spending YoY dropped from 4.0% to 4.2% in June, a fourth month of decline. Average Cash Earnings y/y came in at 2.3% from 2.9%, which was worse than the estimated 3.0%. Further detail revealed that households with two or more people spent an average of 275,545 yen .
According to a summary of the opinions of the Bank of Japan released on Monday, one board member said that wages and prices could keep rising at a pace not seen in the past.policymakers added that it’s necessary to maintain ultra-low interest rates until robust domestic demand and higher wages replace cost-push factors as the primary drivers of price increases and maintain sustainable inflation around its target.
On the Aussie front, Westpac Consumer Confidence in Australia fell to -0.4% in August, down from 2.7% the previous month. Meanwhile, the National Australia Bank's Business Conditions for July increased to 10.0 from 9.0 prior and above the market consensus of 8.0. Lastly, the NAB Business Confidence increased to 2.0% from -1.0% estimations and 0.0% prior.
Furthermore, the latest Chinese data release on Tuesday showed that the dollar value of China’s exports YoY in July plunged -14.5%, worse than expectations of -12.5% in June, while Imports dropped -12.4% YoY from -5%. China's trade balance increased to $80.6 billion, exceeding expectations of $70.6 billion and $70.62 billion prior.
Looking ahead, market participants will keep an eye on the Chinese Consumer Price Index and Producer Price Index YoY on Wednesday. Also, Consumer Inflation Expectations for August will be released on Thursday. Traders will find opportunities around the AUD/JPY cross.
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