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As Australian monthly inflation declines to 6.8%, the AUD/JPY exchange rate approaches 87.80

Alina Haynes

Mar 29, 2023 14:36

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After the Australian Bureau of Statistics reported a further decline in the Consumer Price Index (CPI) for the previous month, the AUD/JPY pair dropped significantly to near 87.80. (Feb). The economic data came in at 6.9%, which was lower than both the consensus estimate of 7.1% and the previous release of 7.4%.

 

Australian Retail Sales increased by 0.2% on Tuesday, which was below the consensus estimate of 0.4% and the previous release of 1.9%. A weaker-than-expected retail demand suggests that households are bearing the burden of higher inflation and are having difficulty compensating for the impact of inflated products with their present purchasing power.

 

The Reserve Bank of Australia (RBA) would be encouraged to maintain monetary policy at its April meeting as a result of the synergistic effect of declining Retail Sales and the Consumer Price Index. In March, RBA Governor Philip Lowe increased the Official Cash Rate (OCR) to 3.60 percent. Investors should be aware of this fact.

 

Every subsequent Friday, the China Bureau of Statistics will disseminate Manufacturing and Non-Manufacturing PMI data. Following the abolition of pandemic controls, the Chinese economy is promoting development through monetary measures, so market participants anticipate a respectable performance. Australia is China's largest trading partner, and China's accelerating economic activity will also benefit the Australian Dollar.

 

As the target for sustainable inflation has not yet been attained, the former governor of the Bank of Japan, Haruhiko Kuroda, remained extremely pessimistic about future monetary policy regarding the Japanese Yen. "It is premature to discuss a withdrawal from easy monetary policy," he continued. And "More time is required to consistently and sustainably reach the price target."

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