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AUDJPY tends to trade towards 94.00 prior to the publication of RBA policy minutes

Daniel Rogers

Nov 11, 2022 17:53

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After breaking the immediate barrier of 93.50 during the Tokyo trading session, the AUDJPY pair has maintained its upward movement. As volatility has dropped in parallel with the S&P 500's amazing return, the risk barometer is approaching the round-level threshold of 94.00. In addition, rates on U.S. Treasury securities have collapsed following a significant decrease in inflation figures.

 

After sustaining a negative trend over the previous two trading days, there was fresh interest in the cross near 93.00. Investors are focusing on the monetary policy meeting minutes of the Reserve Bank of Australia (RBA).

 

The RBA minutes will provide a comprehensive explanation for the announcement of a 25 basis point (bps) hike in interest rates, despite an extraordinary rise in inflationary pressures. Australia's third-quarter inflation rate jumped to 7.3%, exceeding predictions of 7.0% and the prior announcement of 6.1%.

 

RBA Governor Philip Lowe was anticipated to boost the Official Cash Rate by 50 basis points (OCR). By proposing moderate rate rises, the RBA seems to intend to capitalize on its frequent monetary policy meetings.

 

Masato Kanda, Japan's top currency diplomat, emphasized that officials regularly monitor foreign exchange market fluctuations with a sense of urgency and will respond fast if necessary. According to Reuters, authorities remain willing to take action.

 

Tuesday's release of the Gross Domestic Product (GDP) data is anticipated by investors as a major economic indicator. On a quarterly basis, it is projected that the economic statistics will be 0.3% lower than the previous report of 0.9%, while the annualized figure may decline from 3.5% to 1.1%.


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