AUD/JPY surrenders quick gains and drops below 91.00 despite Australian Inflation soars – by Sagar_Dua24 AUDJPY RBA BOJ Inflation PMI
Australia’s monthly inflation has accelerated to 6.8% while the street was anticipating a marginal rebound to 6.4% from the former release of 6.3%. This could be the reason why the Reserve Bank of Australia decided to raise interest rates surprisingly by 25 basis points to 3.
The Japanese Yen has got some strength after Bank of Japan Governor Kazuo Ueda’s commentary. BoJ Ueda cited that an increase in inflationary pressures have been caused by supply factors such as a rapid rise in commodity prices, labor shortages, and disruptions to supply chains. On Tuesday, BoJ Ueda stated that the central bank will continue its bond-buying operations to keep inflation steadily above 2%.
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