AUD/JPY breaks 87.00 mark amid US authorities' efforts to address banking liquidity concerns – by Dippusen AUDJPY RBA BOJ CPI
The AUD/JPY has been under pressure since the Reserve Bank of Australia hikedby 25 basis points in its last meeting. The market now expects no further hikes as the RBA minutes indicated a potential pause during the April policy meeting. This, along with the ongoing market turbulence due to the global banking liquidity crisis, has made it difficult for the pair to gain traction.
On Friday, the AUD/JPY experienced a setback as fresh developments surrounding Deutsche Bank's credit default swap reemergence led to a risk-off environment. Although no concrete information was available from the bank, panic began to spread. Last week, heavy commentary from Federal Reserve officials and the US Treasury Department demonstrated a willingness to intervene in the market if the liquidity crunch worsened. A rebound in US Treasury and peer debt yields, coupled with a partial easing of risk-off positioning, reduced the Yen's safe-haven premium, and Gold's allure also waned.
The Australian Consumer Price Index for February is set to be released on Wednesday, with expectations of a slight decrease to 7.2% from January's 7.4%. Therange lies between 6.7% and 7.7%. Meanwhile, Core Tokyo CPI is anticipated to ease to 3.1% from 3.3%, due to stabilizing energy prices and base effects. This release is considered a leading indicator of national metrics scheduled for release in the following weeks.
The AUD/JPY pair is likely to be influenced primarily by risk sentiment in the banking sector. As both the Australian and Japanese CPI releases draw near, market participants will closely monitor these
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