AUD/JPY holds positive ground above the 94.60 mark following the Japanese/Australian data – by lilyfinancial AUDJPY Macroeconomics Crosses
inutes and the economic data releases from Australia and Japan. AUD/JPY currently trades near 96.65, gaining 0.26% for the day.
The minutes of the August policy meeting of the Reserve Bank of Australia stated that the current policy stance is to keep interest rates unchanged. However, policymakers agreed that additional tightening may be necessary. On Tuesday, the Australian Bureau of Statistics showed that the Wage Price Index grew 0.8% QoQ versus 0.9% expected and 0.8% prior. On a yearly basis, the Australian Wage Price Index increased by 3.6%, below market expectations of a 3.7% increase.
About the Chinese data, the People's Bank of China cut the one-year medium-term Lending Facility rate from 2.65% to 2.50% on Tuesday. The unexpected rate cuts by the People's Bank of China fuel fears about China's deterioratingand might limit the upside for the Aussie. Meanwhile, Chinese Retail Sales for July came in at 2.5% YoY compared to 4.8% expected and 3.1% previously, while the country's Industrial Production fell to 3.7% YoY compared to 4.5% expected and 4.1% previously.
On the Japanese Yen front, the preliminary data of the Gross Domestic Product figures for the second quarter of 2023 shows that economic growth in Japan came in at 1.5% QoQ, versus 0.8% expected and 0.7% previously. Meanwhile, the annualised GDP increased to 6.0%, compared to 3.1% estimated and 2.7% previously.
Looking ahead, market participants will shift their focus to the Australian employment data due on Thursday. Also, Japanese Trade data and annual
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