AUD/JPY holds steady near two-week peak, reacts little to stronger Australian Retail Sales

The AUD/JPY cross scales higher for the second successive day on Monday and touches a nearly two-week high, around the 94.30-94.35 region during the A

sian session. Spot prices, meanwhile, stick to intraday gains and react little to the better-than-expected Australian macro data.

In fact, the Australian Bureau of Statistics reported that Retail Sales – a measure of the country’s consumer spending – rose 0.5% in July against market expectations for a 0.3% increase and the 0.8% decline registered in the previous month. The backwards-looking data does little to provide any meaningful impetus, though new measures announced by China continue to lend support to antipodean currencies, including the Australian Dollar .

It is worth recalling that China on Sunday announced a reduction in the stamp duty on stock trading to boost the struggling market and revive investor confidence. The finance ministry said in a brief statement that the levy charged on stock trades will drop from 0.1% to 0.05% as of August 28, marking the first reduction since 2008.

Apart from this, expectations for another on-hold rate decision by the Reserve Bank of Australia in September warrants some caution before positioning for any further apprecaiting move. From a technical perspective, meanwhile, the recent bounce from the 100-day Simple Moving Average and the subsequent move up favours bulls amid a big divergence in the policy stance adopted by the

and other major central banks. Hence, some follow-through strength towards the next relevant hurdle, ahead of the 95.00 psychological mark, looks like a distinct possibility.

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