AUD/JPY Hovers Near Five-Month Highs Ahead Of Bank Of Japan Policy Decision

AUD/JPY rose for the fifth consecutive session on Friday. The Australian dollar (AUD) is supported by growing support for the Reserve Bank of Australia’s (RBA) hawkish stance on monetary policy. Revisions from TD Securities suggest the Reserve Bank of Australia’s (RBA) interest rate cut expectations will be pushed back to February 2025. This boosted the Australian dollar (AUD), which supported AUD/JPY.

Australia’s consumer price index (CPI) data on Wednesday beat expectations, one reason Australian government bond yields rose as traders priced in an interest rate cut by the Reserve Bank of Australia in 2024. Australia’s 10-year government bond yield hit a 21-week high of 4.59%, showing a clear upward trend.

Japan’s Tokyo consumer price index (CPI) released earlier on Friday was much lower than expected, and the yen depreciated accordingly. That marked the second time this year that inflation has fallen below the Bank of Japan’s 2% target, reducing pressure on the central bank to raise interest rates again. As a result, market sentiment has turned to expectations that the Bank of Japan will abandon a rate hike at its meeting on Friday.

AUD latest articles

Popular exchange rates

foreign exchange

fxcurrencyconverter is a forex portal. The main columns are exchange rate, knowledge, news, currency and so on.

© 2023 Copyright