AUD/JPY shoots to near 93.00 on hawkish RBA minutes – by Sagar_Dua24 AUDJPY RBA BOJ Inflation PMI
are warranted as strong consumer demand is not allowing Australian inflation to soften from its peak.
According to the RBA minutes, members also considered the option of 50 basis points interest rate hike considering the persistence in inflation. The RBA members also highlighted that the Unemployment Rate is the lowest in the past 50 years and job vacancies are extremely high, which is delighting households for flushing surplus funds into the economy.
Apart from that, the Australian economy was benefiting from higher terms of trade and would benefit more than a number of other countries from China’s reopening. The rollback of pandemic controls by the Chinese administration has opened more trade for the Australian economy.sees the cash rate rising to 3.75% over time, headline inflation is expected to decline to 4.75% by the end of 2023 and return to around 3% by mid-2025.landed at 50.1, higher than the consensus of 49.
On the Japanese Yen front, Bank of Japan Governor Haruhiko Kuroda stated “Wages are likely to rise due to labor demand and inflation. The Japanese Yen has not reacted much to the mixed preliminary Jibun Bank PMI data. The Services PMI has landed at 53.6, outperforming the estimates of 51.5 and the prior release of 51.1. While the Manufacturing PMI has dropped to 47.4 from the expectations and the prior figure of 48.9.
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